Bill

Bill > A03334


NY A03334

Provides an asbestos remediation tax credit; allows for a twenty percent credit of all eligible costs which are incurred as a result of asbestos remediation, not to exceed $1,000,000.


summary

Introduced
01/27/2017
In Committee
01/03/2018
Crossed Over
Passed
Dead
12/31/2018

Introduced Session

2017-2018 General Assembly

Bill Summary

AN ACT to amend the tax law, in relation to providing an asbestos remediation tax credit The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1

AI Summary

This bill provides an asbestos remediation tax credit, allowing for a 20% credit of all eligible costs incurred for asbestos remediation, up to a maximum of $1,000,000. The credit applies to taxpayers subject to taxes under Articles 9, 9-A, or 22 of the New York Tax Law, and can be claimed for the taxable year in which the qualified asbestos project is first commenced and the next two succeeding taxable years. The bill defines key terms like "qualified structure" and "eligible costs," and outlines how the credit can be applied against the various tax articles. The bill aims to encourage and assist taxpayers in addressing asbestos issues in older buildings.

Committee Categories

Budget and Finance

Sponsors (2)

Last Action

print number 3334a (on 02/01/2018)

bill text


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