BILL NUMBER: S10519A
SPONSOR: GONZALEZ
 
TITLE OF BILL:
An act to amend the tax law, in relation to the tangible property credit
component of the brownfield redevelopment tax credit
 
PURPOSE OR GENERAL IDEA OF BILL:
This bill would extend the Brownfield tax credit for specific properties
that meet green space and housing affordability requirements.
 
SUMMARY OF PROVISIONS:
SECTION 1: Amends 1. Subparagraph (i) of paragraph 3 of subdivision (a)
of section 21 of the tax law, as amended by section 2 of subpart B of
part J of chapter 59 of the laws of 2023.
SECTIONS 2: Effective Date.
 
JUSTIFICATION:
Under the Brownfield Tax Credit program, the credit comes in two phases
- the first upon completion of the environmental remediation, the second
upon receiving a Temporary Certificate of Occupancy for the building on
the property. A local property who has received the credit has been
unable to develop the property due to the close proximity of a
NYPA-owned peaker plant on the adjacent lot that has not yet been decom-
missioned. The peaker plant was scheduled to be decommissioned in 2012,
but it is now unclear when the peaker plant will come offline and he
will be able to develop.
This bill seeks to remedy the sunsetting credit by extending it for
properties that meet green space and affordability requirements.
 
PRIOR LEGISLATIVE HISTORY:
New bill.
 
FISCAL IMPACT ON THE STATE:
None.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S10519: 21 tax law
S10519A: 21 tax law