BILL NUMBER: S9833
SPONSOR: BAILEY
 
TITLE OF BILL:
An act to amend the tax law, in relation to requiring an annual brown-
fields redevelopment tax credit report
 
PURPOSE:
This bill seeks to create greater transparency in regard to the brown-
fields redevelopment tax credit program by requiring the commissioner to
collect data, and publish an annual report to the legislature, outlining
the economic development impact of the program.
 
SUMMARY OF SPECIFIC PROVISIONS:
Section 1. Paragraph 3-a of subdivision (a) of section 21 of the tax
law, as added by chapter 390 of the laws of 208 is amended by adding a
new subparagraph (E) describing the timing and the contents to be
included in the brownfield redevelopment tax credit report.
 
JUSTIFICATION:
The state dedicates a significant amount of resources to the allocation
of tax incentives for the purpose of economic development, yet little
data is collected to better understand the return on investment. The
state has a responsibility to determine the amount and quality of jobs
being created, as well as if opportunities are being provided to MWBE
contractors. Collection of this data is necessary to provide greater
transparency and accountability to taxpayers.
 
LEGISLATIVE HISTORY:
This is a new bill.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S9833: 21 tax law