New York S 10578: Extends the duration of certain brownfield redevelopment and remediation tax credits

Bill Text

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S10578 Summary:

BILL NOS10578 

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SAME ASSAME AS A11482

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SPONSORCLEARE

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COSPNSR

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MLTSPNSR

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Extends the duration of certain brownfield redevelopment and remediation tax credits with respect to a site located at 1800 Park Avenue.

Go to top S10578 Actions:

BILL NOS10578 

&nbsp

05/26/2026REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Go to topS10578 Committee&nbspVotes:

Go to topS10578 Floor&nbspVotes:

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

Go to topS10578 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10578

 IN SENATE

 May 26, 2026
 ___________

 Introduced by Sen. CLEARE -- read twice and ordered printed, and when
 printed to be committed to the Committee on Investigations and Govern-
 ment Operations

 AN ACT to extend the duration of certain brownfield redevelopment and
 remediation tax credits with respect to 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 January 21, 2005 with respect to a site located at 1800
 5 Park Avenue, between East 124th and East 125th Streets in East Harlem,
 6 New York County, and (ii) which received a certificate of completion on
 7 or before October 24, 2016, shall be a qualified site for purposes of
 8 the brownfield redevelopment tax credits available to such a site pursu-
 9 ant to section 21 of the tax law as in effect for such a site as of the
 10 effective date of this act provided that both the site preparation cred-
 11 it component and the on-site groundwater remediation credit component
 12 shall be allowed for all eligible costs incurred on such a site prior to
 13 and within the tax year in which qualified tangible property on such a
 14 site is placed in service, and for a five year period (60 months)
 15 following the year such property is first placed in service upon such a
 16 site, provided, such a date occurs prior to the 2031 tax year, and the
 17 tangible property credit component shall be allowed for all eligible
 18 costs incurred on such a site prior to and within the tax year in which
 19 qualified tangible property on such a site is placed in service, and for
 20 a ten year period (120 months) following the year such property is first
 21 placed in service upon such a site, provided such a date occurs prior to
 22 the 2031 tax year.
 23 (b) In addition, any site for which (i) a brownfield cleanup agreement
 24 with the department of environmental conservation was entered into prior
 25 to January 21, 2005 with respect to a site located at 1800 Park Avenue,
 26 between East 124th and East 125th Streets in East Harlem, New York Coun-
 27 ty, and (ii) which received a certificate of completion on or before

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD16004-01-6

 S. 10578 2

 1 October 24, 2016, shall be eligible to claim the tax credit for remedi-
 2 ated brownfields available to such a site pursuant to section 22 of the
 3 tax law as in effect for such a site as of the effective date of this
 4 act provided the benefit period as applicable thereto shall be deemed to
 5 be a ten-consecutive-tax-year period beginning with the tax year in
 6 which qualified tangible property on such a site is placed in service
 7 where said benefit period shall begin no later than the 2031 tax year.
 8 (c) Further, any site for which (i) a brownfield cleanup agreement
 9 with the department of environmental conservation was entered into prior
 10 to January 21, 2005 with respect to a site located at 1800 Park Avenue,
 11 between East 124th and East 125th Streets in East Harlem, New York Coun-
 12 ty, and (ii) which received a certificate of completion on or before
 13 October 24, 2016, shall be a qualified site for purposes of claiming the
 14 tax credit for remediated brownfields available to such a site pursuant
 15 to section 22 of the tax law, provided that such developer as defined
 16 under section 22 of the tax law has purchased or