Bill > A06134

This bill provides an asbestos remediation tax credit, which allows for a 20% credit of all eligible costs incurred as a result of asbestos remediation on qualified structures (buildings used for residential, industrial, commercial, recreational, or environmental conservation purposes that were placed in service at least 25 years prior to the taxable year). The credit, which cannot exceed $1,000,000 over three taxable years, is available to taxpayers subject to tax under Articles 9, 9-A, or 22 of the Tax Law. The bill also includes provisions for how the credit can be applied and refunded.