Bill > A06893

This bill amends the New York State tax law to expand the qualifying criteria for brownfield redevelopment tax credits. Specifically, the bill modifies the conditions under which a property can be eligible for these tax credits by adding new location requirements. Under the proposed change, qualifying property must not only have a situs (legal location) in the state, but also be located in one of several designated areas, including brownfield opportunity areas, empire zones, environmental zones, or urban renewal areas. These zones are specific geographic regions identified by different municipal laws that are typically targeted for economic development or environmental remediation. The bill aims to provide more flexibility and incentives for redeveloping properties in these designated areas, potentially encouraging economic revitalization and environmental cleanup. The amendment to the tax law is intended to broaden the scope of properties that can receive tax credits for brownfield redevelopment, which are designed to encourage the reuse of potentially contaminated or underutilized land. The act will take effect immediately upon passage.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A6893