New York A 11482: Extends the duration of certain brownfield redevelopment and remediation tax credits

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
A11482 Summary:

BILL NOA11482 

&nbsp

SAME ASSAME AS S10578

&nbsp

SPONSORRules (Gibbs)

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

&nbsp

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

Go to top A11482 Actions:

BILL NOA11482 

&nbsp

05/27/2026referred to ways and means

Go to topA11482 Committee&nbspVotes:

Go to topA11482 Floor&nbspVotes:

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

Go to topA11482 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 11482

 IN ASSEMBLY

 May 27, 2026
 ___________

 Introduced by COMMITTEE ON RULES -- (at request of M. of A. Gibbs) --
 read once and referred to the Committee on Ways and Means

 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
 28 October 24, 2016, shall be eligible to claim the tax credit for remedi-

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

 A. 11482 2

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