New York S 9676: Extends the duration of certain brownfield redevelopment and remediation tax credits for certain sites

Bill Text

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S09676 Summary:

BILL NOS09676 

&nbsp

SAME ASSAME AS A03915

&nbsp

SPONSORBASKIN

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

&nbsp

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.

Go to top S09676 Actions:

BILL NOS09676 

&nbsp

04/01/2026REFERRED TO BUDGET AND REVENUE

Go to topS09676 Committee&nbspVotes:

Go to topS09676 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS09676 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 9676

 IN SENATE

 April 1, 2026
 ___________

 Introduced by Sen. BASKIN -- read twice and ordered printed, and when
 printed to be committed to the Committee on Budget and Revenue

 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
 26 placed in service upon such a site, provided such a date occurs prior to
 27 the 2036 tax year.

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

 S. 9676 2

 1 (b) In addition, any site for which (i) a brownfield cleanup agreement
 2 with the department of environmental conservation was entered into prior
 3 to June 23, 2008 with respect to a site located within the Renaissance
 4 Commerce Park situate within the city of Lackawanna, Erie county, (ii)
 5 which received a certificate of completion on or before December 31,
 6 2017, and (iii) that has not otherwise had property placed in service
 7 upon such a site as of the effective date of this act shall be eligible
 8 to claim the tax credit for remediated brownfields available to such a
 9 site pursuant to section 22 of the tax law as in effect for such a site
 10 as of the effective date of this act provided the benefit period as
 11 applicable thereto shall be deemed to be a ten-consecutive-tax-year
 12 period beginning with the tax year in which improvements on such a site
 13 are placed in service where said benefit period shall begin no later
 14 than the 2036 tax year.
 15 (c) Further, any site for which (i) a brownfield cleanup agreement
 16 with the department of environmental conservation was entered into prior
 17 to June 23, 2008 with respect