Provides an asbestos remediation tax credit in Erie county; allows for a fifty percent credit of all eligible costs which are incurred as a result of asbestos remediation, not to exceed $1,000,000.
Summary
A01995 would create a new New York State tax credit for asbestos remediation projects performed on certain older buildings located at least partly in Erie County. The credit would be available to taxpayers subject to the corporate franchise tax, the business corporation tax, or the personal income tax, and would equal 50% of eligible asbestos-remediation costs incurred in connection with a qualified project. The credit would apply in the year the project begins and the next two taxable years, with a maximum aggregate benefit of $1 million over that three-year period.
The bill defines a qualifying structure as one used for residential, industrial, commercial, recreational, or environmental conservation purposes, originally placed in service at least 25 years before the taxable year, and at least partially located in Erie County. It ties eligibility to asbestos projects completed under existing Labor Law and DEC/industrial regulations, and it bars taxpayers from using the same costs to claim other tax credits. The measure would take effect immediately and apply to taxable years beginning on or after January 1, 2025.
Impact
The bill would amend the Tax Law by adding a new asbestos remediation credit provision and conforming cross-references in the corporate franchise tax, business corporation tax, and personal income tax articles. It would also create rules for how the credit interacts with minimum tax liability, refunds, and overpayments, including a no-interest rule on refunded excess credits. In practical terms, the bill would reduce state tax liability for eligible property owners or businesses undertaking asbestos abatement in Erie County, while limiting the credit to a capped amount and to remediation costs that are not otherwise credited under the Tax Law.
Sentiment
Based on the bill text and the absence of recorded committee discussion or votes, the available sentiment appears neutral to supportive in design, with the bill framed as an incentive for asbestos cleanup rather than a controversial policy change. The caption suggests a targeted local economic and public-health purpose, and the structure of the credit indicates an effort to encourage remediation of older buildings. No opposition, amendments, or recorded vote history is available in the provided materials.
Contention
The main potential points of contention are the bill’s geographic limitation to Erie County, which may be viewed as a targeted local subsidy rather than a statewide program, and its fiscal cost through foregone tax revenue. Another possible issue is the size of the benefit: a 50% credit up to $1 million could be seen as generous for larger projects, while smaller property owners may question whether the cap and multi-year structure are sufficient. The bill also restricts the credit to older structures and prohibits double-dipping with other credits, which may limit eligibility and could be debated by affected taxpayers and policymakers.
Provides an asbestos remediation tax credit in Erie county; allows for a fifty percent credit of all eligible costs which are incurred as a result of asbestos remediation, not to exceed $1,000,000.
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.