Bill Text: NY S07630 | 2023-2024 | General Assembly | Introduced
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: Bipartisan Bill
Status: (Introduced) 2024-01-03 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S07630 Detail]
Download: New_York-2023-S07630-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7630 2023-2024 Regular Sessions IN SENATE August 11, 2023 ___________ Introduced by Sen. KENNEDY -- read twice and ordered printed, and when printed to be committed to the Committee on Rules 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. LBD11878-01-3S. 7630 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.
