Bill > A02848

This bill amends the New York Tax Law to provide an asbestos remediation tax credit in Erie County. The credit is worth 50% of the eligible costs incurred for a qualified asbestos project on a qualified structure, up to a maximum of $1,000,000 over three taxable years. A qualified structure is a building that is at least 25 years old, used for residential, industrial, commercial, recreational, or environmental conservation purposes, and located at least partially in Erie County. The credit can be claimed against the taxes imposed under Articles 9, 9-A, and 22 of the Tax Law. The bill specifies the application and limitations of the credit, including that it cannot reduce the tax liability below the applicable minimum tax.