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NY A05683
Bill
Status
3/5/2013
Primary Sponsor
Crystal Peoples-Stokes
Click for details
AI Summary
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Creates a tax credit for asbestos remediation projects on buildings at least 25 years old located in Erie County used for residential, industrial, commercial, recreational, or environmental conservation purposes.
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Allows a credit equal to 50 percent of eligible capital costs incurred for asbestos remediation work, claimed over the taxable year the project begins and the next two succeeding years.
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Caps the total credit at $1 million in the aggregate across the three-year period.
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Applies the credit against taxes under Article 9, 9-A, and 22 of the tax law, with excess credits treated as overpayments refundable without interest.
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Takes effect immediately and applies to taxable years beginning on or after January 1, 2013.
Legislative Description
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.
Last Action
held for consideration in ways and means
6/17/2014