Bill Text: NY S03112 | 2011-2012 | General Assembly | Introduced

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Bill Title: Relates to the brownfield redevelopment tax credit.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-03-12 - COMMITTEE DISCHARGED AND COMMITTED TO RULES [S03112 Detail]

Download: New_York-2011-S03112-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3112
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                   February 9, 2011
                                      ___________
       Introduced  by  Sen. KRUEGER -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations
       AN ACT to amend the tax law, in relation to a  brownfield  redevelopment
         tax credit
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subparagraph (A) of paragraph 3-a  of  subdivision  (a)  of
    2  section  21 of the tax law, as added by chapter 390 of the laws of 2008,
    3  is amended to read as follows:
    4    (A) Notwithstanding any other provision of law to  the  contrary,  the
    5  tangible property credit component available PURSUANT TO PARAGRAPH THREE
    6  OF  THIS  SUBDIVISION  for (I) any qualified site [pursuant to paragraph
    7  three of this subdivision] AS DEFINED IN THIS SECTION AND (II) ANY  SITE
    8  FOR  WHICH  A  DENIAL  OF  A REQUEST FOR PARTICIPATION IN THE BROWNFIELD
    9  CLEANUP PROGRAM UNDER SECTION 27-1407 OF THE ENVIRONMENTAL  CONSERVATION
   10  LAW  HAS  BEEN OVERTURNED BY A COURT OF COMPETENT JURISDICTION shall not
   11  exceed thirty-five million dollars or three times the costs included  in
   12  the calculation of the site preparation credit component and the on-site
   13  groundwater  remediation credit component under paragraphs two and four,
   14  respectively, of this subdivision, whichever is less; provided, however,
   15  that: (1) in the case of a qualified site to be used primarily for manu-
   16  facturing activities, the tangible property credit  component  available
   17  for  any  qualified site pursuant to paragraph three of this subdivision
   18  shall not exceed forty-five million  dollars  or  six  times  the  costs
   19  included in the calculation of the site preparation credit component and
   20  the  on-site  groundwater  remediation credit component under paragraphs
   21  two and four, respectively, of this subdivision, whichever is less;  and
   22  (2)  the  provisions  of this paragraph shall not apply to any qualified
   23  site for which the department of environmental conservation has issued a
   24  notice to the taxpayer before June twenty-third, two thousand eight that
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07817-01-1
       S. 3112                             2
    1  its request for participation has been accepted under subdivision six of
    2  section 27-1407 of the environmental conservation law.
    3    S  2.    This act shall take effect immediately and shall be deemed to
    4  have been in full force and effect on and after July 21, 2008.