New York A 8630: Incentivizes projects on certain Brownfield sites

Bill Text

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A08630 Summary:

BILL NOA08630 

&nbsp

SAME ASSAME AS S07964

&nbsp

SPONSORPaulin

&nbsp

COSPNSRRamos, Levenberg

&nbsp

MLTSPNSR

&nbsp

Amd 21, Tax L; amd 27-1419, En Con L

&nbsp

Incentivizes projects on certain Brownfield sites through enhanced tax credits.

Go to top A08630 Actions:

BILL NOA08630 

&nbsp

05/22/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA08630 Committee&nbspVotes:

Go to topA08630 Floor&nbspVotes:

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

Go to topA08630 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8630

 2025-2026 Regular Sessions

 IN ASSEMBLY

 May 22, 2025
 ___________

 Introduced by M. of A. PAULIN -- read once and referred to the Committee
 on Ways and Means

 AN ACT to amend the tax law and the environmental conservation law, in
 relation to incentivizing projects on certain Brownfield sites

 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 amended by section 18 of part BB of chap-
 3 ter 56 of the laws of 2015, is amended to read as follows:
 4 (A) Notwithstanding any other provision of law to the contrary, the
 5 tangible property credit component available for any qualified site
 6 pursuant to paragraph three of this subdivision shall not exceed thir-
 7 ty-five million dollars or three times the sum of the costs included in
 8 the calculation of the site preparation credit component and the on-site
 9 groundwater remediation credit component under paragraphs two and four,
 10 respectively, of this subdivision, and the costs that would have been
 11 included in the calculation of such components if not treated as an
 12 expense and deducted pursuant to section one hundred ninety-eight of the
 13 internal revenue code, whichever is less; provided, however, that: (1)
 14 in the case of a qualified site to be used primarily for manufacturing
 15 activities, the tangible property credit component available for any
 16 qualified site pursuant to paragraph three of this subdivision shall not
 17 exceed forty-five million dollars or six times the sum of the costs
 18 included in the calculation of the site preparation credit component and
 19 the on-site groundwater remediation credit component under paragraphs
 20 two and four, respectively, of this subdivision, and the costs that
 21 would have been included in the calculation of such components if not
 22 treated as an expense and deducted pursuant to section one hundred nine-
 23 ty-eight of the internal revenue code, whichever is less; (2) in the
 24 case of a qualified project site, the tangible property credit component
 25 available for any qualified site pursuant to paragraph three of this

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11896-01-5

 A. 8630 2

 1 subdivision shall not exceed seventy million dollars or five times the
 2 sum of the costs included in the calculation of the site preparation
 3 credit component and the on-site groundwater remediation credit compo-
 4 nent under paragraphs two and four of this subdivision, respectively,
 5 and the costs that would have been included in the calculation of such
 6 components if not treated as an expense and deducted pursuant to section
 7 one hundred ninety-eight of the internal revenue code, whichever is
 8 less; and [(2)] (3) the provisions of this paragraph shall not apply to
 9 any qualified site for which the department of environmental conserva-
 10 tion has issued a notice to the taxpayer before June twenty-third, two
 11 thousand eight that its request for participation has been accepted
 12 under subdivision six of section 27-1407 of the environmental conserva-
 13 tion law.
 14 § 2. Subdivision (b) of section 21 of the tax law is amended by adding
 15 a new paragraph 7 to read as follows:
 16 (7) Qualified project site. The term "qualified project site" shall
 17 mean a qualified site, located in a city having a population of less
 18 than one hundred thousand, which meets all of the following criteria:
 19 (A) at least fifty percent of the site is located in an environmental
 20