Bill Text: NY A03915 | 2025-2026 | General Assembly | Introduced

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Bill Title: Extends the duration of certain brownfield redevelopment and remediation tax credits with respect to a site located within the Renaissance Commerce Park situate within the city of Lackawanna, Erie county.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced) 2025-01-30 - referred to ways and means [A03915 Detail]

Download: New_York-2025-A03915-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          3915

                               2025-2026 Regular Sessions

                   IN ASSEMBLY

                                    January 30, 2025
                                       ___________

        Introduced  by  M. of A. RIVERA, BURKE, CONRAD -- read once and referred
          to the Committee on Ways and Means

        AN ACT to extend the duration of certain  brownfield  redevelopment  and
          remediation tax credits for certain sites

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. (a) Notwithstanding any provision of  law,  rule  or  regu-
     2  lation  to  the  contrary,  any  site for which (i) a brownfield cleanup
     3  agreement with the department of environmental conservation was  entered
     4  into  prior  to  June 23, 2008 with respect to a site located within the
     5  Renaissance Commerce Park situate within the city  of  Lackawanna,  Erie
     6  county,  (ii)  which  received  a certificate of completion on or before
     7  December 31, 2017, and (iii) that has not otherwise had property  placed
     8  in  service upon such a site as of the effective date of this act, shall
     9  be an eligible site for purposes of  the  brownfield  redevelopment  tax
    10  credits  available  to such a site pursuant to section 21 of the tax law
    11  as in effect for such a site as  of  the  effective  date  of  this  act
    12  provided  the site preparation component shall be allowed for all appli-
    13  cable costs incurred on such a site prior to and within the tax year  in
    14  which improvements on such a site are placed in service, and for a seven
    15  year  period following the year property is first placed in service upon
    16  such a site, provided, such a date occurs prior to the  2036  tax  year,
    17  the  on-site ground water remediation component shall be allowed for all
    18  applicable costs incurred on such a site prior to  and  within  the  tax
    19  year in which improvements on such a site are placed in service, and for
    20  a  seven  year  period  following  the  year property is first placed in
    21  service upon such a site, provided, such a date occurs prior to the 2036
    22  tax year, and the tangible property credit component  shall  be  allowed
    23  for all applicable costs incurred on such a site prior to and within the
    24  tax year in which improvements on such a site are placed in service, and
    25  for  a ten year period (120 months) following the year property is first

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01243-01-5
        A. 3915                             2

     1  placed in service upon such a site, provided such a date occurs prior to
     2  the 2036 tax year.
     3    (b) In addition, any site for which (i) a brownfield cleanup agreement
     4  with the department of environmental conservation was entered into prior
     5  to  June  23, 2008 with respect to a site located within the Renaissance
     6  Commerce Park situate within the city of Lackawanna, Erie  county,  (ii)
     7  which  received  a  certificate  of completion on or before December 31,
     8  2017, and (iii) that has not otherwise had property  placed  in  service
     9  upon  such a site as of the effective date of this act shall be eligible
    10  to claim the tax credit for remediated brownfields available to  such  a
    11  site  pursuant to section 22 of the tax law as in effect for such a site
    12  as of the effective date of this act  provided  the  benefit  period  as
    13  applicable  thereto  shall  be  deemed  to be a ten-consecutive-tax-year
    14  period beginning with the tax year in which improvements on such a  site
    15  are  placed  in  service  where said benefit period shall begin no later
    16  than the 2036 tax year.
    17    (c) Further, any site for which (i)  a  brownfield  cleanup  agreement
    18  with the department of environmental conservation was entered into prior
    19  to  June  23, 2008 with respect to a site located within the Renaissance
    20  Commerce Park situate within the city of Lackawanna, Erie  county,  (ii)
    21  which  received  a  certificate  of completion on or before December 31,
    22  2017, and (iii) that has not otherwise had property  placed  in  service
    23  upon  such  a  site  as  of  the effective date of this act, shall be an
    24  eligible site for purposes of claiming the  tax  credit  for  remediated
    25  brownfields  available  to such a site pursuant to section 22 of the tax
    26  law, provided that such developer as defined under section 22 of the tax
    27  law has purchased or in any other way  has  been  conveyed  all  or  any
    28  portion of such a site from any other party who or which has been issued
    29  a  certificate  of  completion  with  respect  to  such site and further
    30  provided that such purchase or conveyance occurs no later than the  2036
    31  tax year.
    32    § 2. This act shall take effect immediately.