Bill > S09676

This bill extends the duration of certain tax credits for brownfield redevelopment and remediation projects located within the Renaissance Commerce Park in Lackawanna, Erie County, provided specific conditions are met. These conditions include having a brownfield cleanup agreement with the Department of Environmental Conservation entered into before June 23, 2008, receiving a certificate of completion by December 31, 2017, and not having property placed in service on the site before the bill's effective date. For brownfield redevelopment tax credits, the site preparation and on-site groundwater remediation components will be allowed for costs incurred up to seven years after property is first placed in service, and the tangible property credit component will be allowed for up to ten years, as long as these improvements are placed in service before the 2036 tax year. Additionally, for the tax credit for remediated brownfields, the benefit period will be extended to ten consecutive tax years, beginning no later than the 2036 tax year, and this applies to developers who purchase or are conveyed any portion of the site from a party that received a certificate of completion, with the purchase or conveyance occurring no later than the 2036 tax year.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S9676