Bill > A08011

This bill extends the duration of certain brownfield redevelopment and remediation tax credits for a specific site located within the Renaissance Commerce Park in the city of Lackawanna, Erie County. The key provisions are: (1) the site preparation, on-site groundwater remediation, and tangible property credit components can be claimed for costs incurred prior to and up to the year the property is first placed in service, and for a specified number of years thereafter, but no later than the 2036 tax year; and (2) the tax credit for remediated brownfields can be claimed for a ten-consecutive-tax-year period beginning with the year the property is first placed in service, but no later than the 2036 tax year. The bill also allows for a developer who has acquired the property from another party with a certificate of completion to claim the tax credits.