Bill > A04862

This bill provides an asbestos remediation tax credit in Erie County, New York. It allows for a 50% credit of all eligible costs incurred as a result of asbestos remediation, up to a maximum of $1,000,000. The credit can be claimed for the taxable year in which the asbestos remediation project is commenced and the next two succeeding taxable years. The credit can be applied against taxes imposed under Articles 9, 9-A, and 22 of the Tax Law. The bill defines key terms such as "qualified structure," "eligible costs," and "qualified asbestos project," and provides the necessary cross-references to the applicable tax law sections.