BILL NUMBER: S8930
SPONSOR: COONEY
 
TITLE OF BILL:
An act to amend the tax law, in relation to the brownfield redevelopment
tax credit
 
PURPOSE:
The purpose of this legislation is to amend the tax law in relation to
the brownfield redevelopment tax credit to adjust the size of cities and
counties that will qualify sites for extension of the site preparation
credit component of the tax credit.
 
SUMMARY OF PROVISIONS:
Section 1: Amends paragraph 2 of subdivision (b) of section 21 of the
tax law, as amended by section 1 of subpart B of part J of chapter 59 of
the laws of 2023, to lower the population minimum thresholds of cities
and counties that would qualify for extended site preparation cost time-
frames.
Section 2: Amends subparagraph (i) of paragraph 3 of subdivision (a) of
section 21of the tax law, as amended by section 2 of subpart B of part J
of chapter 59 of the laws of 2023, to lower the population minimum
thresholds of cities and counties that would qualify for an extended
timeframe for the tangible property credit component.
Section 3: Amends paragraph 2 of subdivision (a) of section 21 of the
tax law, as amended by section 3 of subpart B of part J of chapter 59 of
the laws of 2023, to lower the population minimum thresholds of cities
and counties that would qualify for an extended timeframe for the site
preparation credit component.
Section 4: Sets forth the effective date.
 
LEGISLATIVE HISTORY:
New bill
 
FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S8930: 21 tax law