Bill Text: NY S02350 | 2023-2024 | General Assembly | Amended
Bill Title: Expands eligibility to the site preparation credit component of the brownfield redevelopment tax credit.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-01-03 - REFERRED TO BUDGET AND REVENUE [S02350 Detail]
Download: New_York-2023-S02350-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 2350--A 2023-2024 Regular Sessions IN SENATE January 20, 2023 ___________ Introduced by Sen. KENNEDY -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT expanding eligibility to the brownfield redevelopment tax credit to certain taxpayers The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Notwithstanding any provision of law to the contrary, for 2 the purposes of the site preparation credit component of the brownfield 3 redevelopment tax credit pursuant to section 21 of the tax law, as added 4 by chapter 1 of the laws of 2003, a taxpayer can claim a site prepara- 5 tion credit with respect to a site's qualification for a certificate of 6 completion in the taxable year following the taxable year where the 7 certificate of completion was issued by the commissioner of environ- 8 mental conservation pursuant to section 27-1419 of the environmental 9 conservation law, where the taxpayer did not own the qualified site 10 during the taxable year in which the certificate of completion was 11 issued, but became the owner of the qualified site and paid the site 12 preparation costs relevant to the credit claim in the taxable year after 13 the certificate of completion was issued. 14 § 2. This act shall take effect immediately and shall apply to site 15 preparation credit components of brownfield redevelopment tax credit 16 claims filed for taxable years beginning on or after January 1, 2014 and 17 before January 1, 2023. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD06991-02-3