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
01/27/2017
In Committee
01/03/2018
01/03/2018
Crossed Over
Passed
Dead
12/31/2018
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)
Official Document
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