Bill > A01995

This bill establishes a new tax credit for asbestos remediation specifically for buildings located in Erie County, New York. The credit allows taxpayers to receive a 50% tax credit for eligible costs associated with removing asbestos from a qualified structure, which is defined as a building at least 25 years old used for residential, industrial, commercial, recreational, or environmental conservation purposes. The credit is capped at $1,000,000 in total and can be claimed over three consecutive taxable years, beginning with the year the asbestos remediation project is first commenced. To qualify, the asbestos removal project must be completed according to specific labor law regulations and be undertaken on a structure partially situated in Erie County. The tax credit applies to taxpayers subject to various state tax articles, including personal income tax, corporate franchise tax, and business corporation tax. The bill ensures that the costs used to calculate this credit cannot be used to calculate any other tax credits, and any excess credit that cannot be used in a given tax year can be treated as an overpayment and potentially refunded. The tax credit will take effect for taxable years beginning on or after January 1, 2025.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A1995