New York A 1995: Provides an asbestos remediation tax credit

Bill Text

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A01995 Summary:

BILL NOA01995 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORPeoples-Stokes

&nbsp

COSPNSR

&nbsp

MLTSPNSR

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Add §§23-a & 187-t, amd §§210-B & 606, Tax L

&nbsp

Provides an asbestos remediation tax credit in Erie county; allows for a fifty percent credit of all eligible costs which are incurred as a result of asbestos remediation, not to exceed $1,000,000.

Go to top A01995 Actions:

BILL NOA01995 

&nbsp

01/14/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA01995 Committee&nbspVotes:

Go to topA01995 Floor&nbspVotes:

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

Go to topA01995 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1995

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 14, 2025
 ___________

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

 AN ACT to amend the tax law, in relation to providing an asbestos reme-
 diation tax credit

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The tax law is amended by adding a new section 23-a to read
 2 as follows:
 3 § 23-a. Asbestos remediation credit. (a) Definitions. As used in this
 4 section, the following terms shall have the following meanings:
 5 (1) Qualified structure. "Qualified structure" shall mean a building
 6 (i) principally used by the taxpayer for residential, industrial,
 7 commercial, recreational or environmental conservation purposes, (ii)
 8 which was originally placed in service at least twenty-five years prior
 9 to the taxable year in which the credit is claimed, and (iii) that is at
 10 least partially situated within Erie county.
 11 (2) Eligible costs. "Eligible costs" shall mean all amounts properly
 12 chargeable to a capital account, which are incurred in direct connection
 13 to asbestos remediation of a qualified asbestos project.
 14 (3) Qualified asbestos project. "Qualified asbestos project" shall be
 15 an asbestos project as defined in section nine hundred one of the labor
 16 law and undertaken by the taxpayer, on a qualified structure, and
 17 completed pursuant to the applicable regulations at part fifty-six of
 18 title twelve of the official compilation of rules and regulations of the
 19 state.
 20 (b) Asbestos remediation credit. (1) Allowance of credit. A taxpayer
 21 who has undertaken a qualified asbestos project on a qualified struc-
 22 ture, and who is subject to tax under article nine, nine-A or twenty-two
 23 of this chapter, shall be allowed a credit against such tax, pursuant to
 24 the provisions referenced in subdivision (c) of this section.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04501-01-5

 A. 1995 2

 1 (2) Amount of credit. The amount of the credit shall be fifty percent
 2 of all eligible costs which are incurred in the taxable year, as a
 3 result of asbestos remediation with a qualified asbestos project. The
 4 credit shall be allowed for the taxable year in which the qualified
 5 asbestos project is first commenced and for the next two succeeding
 6 taxable years. The credit authorized pursuant to this section shall not
 7 exceed one million dollars in the aggregate for the three taxable years
 8 allowed and claimed. The costs, expenses and other amounts for which a
 9 credit is allowed and claimed under this subdivision shall not be used
 10 in the calculation of any other credit allowed under this chapter.
 11 (c) Cross-references. For application of the credit provided for in
 12 this section, see the following provisions of this chapter:
 13 Article 9: Section 187-t.
 14 Article 9-A: Section 210-B, subdivision 61.
 15 Article 22: Section 606, subsections (i) and (bbb).
 16 § 2. The tax law is amended by adding a new section 187-t to read as
 17 follows:
 18 § 187-t. Asbestos remediation credit. 1. Allowance of credit. A
 19 taxpayer shall be allowed a credit, to be computed as provided in
 20 section twenty-three-a of this chapter, against the taxes imposed by
 21 this article. Provided, however, that the amount of such credit allow-
 22 able against the tax imposed by section one hundred eighty-four of this
 23