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
feedback