New York S 10519: Relates to the tangible property credit component of the brownfield redevelopment tax credit

Bill Text

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S10519 Summary:

BILL NOS10519A

&nbsp

SAME ASSAME AS A11602

&nbsp

SPONSORGONZALEZ

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §21, Tax L

&nbsp

Extends the tangible property credit component of the brownfield redevelopment tax credit for certain qualified sites which contain 40% open space and 25% affordable housing units.

Go to top S10519 Actions:

BILL NOS10519A

&nbsp

05/15/2026REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

05/29/2026AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

05/29/2026PRINT NUMBER 10519A

Go to topS10519 Committee&nbspVotes:

Go to topS10519 Floor&nbspVotes:

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

Go to topS10519 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10519--A

 IN SENATE

 May 15, 2026
 ___________

 Introduced by Sen. GONZALEZ -- read twice and ordered printed, and when
 printed to be committed to the Committee on Investigations and Govern-
 ment Operations -- committee discharged, bill amended, ordered
 reprinted as amended and recommitted to said committee

 AN ACT to amend the tax law, in relation to the tangible property credit
 component of the brownfield redevelopment tax credit

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

 1 Section 1. Subparagraph (i) of paragraph 3 of subdivision (a) of
 2 section 21 of the tax law, as amended by section 2 of subpart B of part
 3 J of chapter 59 of the laws of 2023, is amended to read as follows:
 4 (i) The tangible property credit component shall be equal to the
 5 applicable percentage of the cost or other basis for federal income tax
 6 purposes of tangible personal property and other tangible property,
 7 including buildings and structural components of buildings, which
 8 constitute qualified tangible property and may include any related party
 9 service fee paid; provided that in determining the cost or other basis
 10 of such property, the taxpayer shall exclude the acquisition cost of any
 11 item of property with respect to which a credit under this section was
 12 allowable to another taxpayer; and provided further that for the
 13 purposes of this section, starting with taxable year two thousand twen-
 14 ty-two, on sites that comply with the track one remediation standards
 15 promulgated pursuant to subdivision four of section 27-1415 of the envi-
 16 ronmental conservation law, stadiums, baseball parks, basketball courts
 17 and other athletic facilities shall be considered buildings, and that
 18 components of stadiums, baseball parks, basketball courts, and other
 19 athletic facilities constructed on such sites, including sports field
 20 turf, site lighting, sidewalks, access and entry ways, and other
 21 improvements added to land, shall be considered structural components of
 22 buildings under the internal revenue code, and shall be included in the
 23 definition of tangible property for the purposes of this section. A
 24 related party service fee shall be allowed only in the calculation of
 25 the tangible property credit component and shall not be allowed in the
 26 calculation of the site preparation credit component or the on-site

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15926-03-6

 S. 10519--A 2

 1 groundwater remediation credit component. The portion of the tangible
 2 property credit component which is attributable to related party service
 3 fees shall be allowed only as follows: (A) in the taxable year in which
 4 the qualified tangible property described in subparagraph (iii) of this
 5 paragraph is placed in service, for that portion of the related party
 6 service fees which have been earned and actually paid to the related
 7 party on or before the last day of such taxable year; and (B) with
 8 respect to any other taxable year for which the tangible property credit
 9 component may be claimed under this subparagraph and in which the amount
 10 of any additional related party service fees are actually paid by the
 11 taxpayer to the related party, the tangible property credit component
 12 for such amount shall be allowed in such taxable year. The credit compo-
 13 nent amount so determined shall be allowed for th