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
This bill creates a new New York State asbestos remediation tax credit for taxpayers who undertake a qualified asbestos project on a qualified structure or existing structure. The credit equals 20 percent of eligible remediation costs incurred in the taxable year, may be claimed in the year the project begins and the next two taxable years, and is capped at a total of $1 million over the three-year claim period. The bill defines qualified structures as buildings used for residential, industrial, commercial, recreational, or environmental conservation purposes that were first placed in service at least 25 years before the credit year.
The credit is available against several state taxes, including the corporation franchise taxes under Articles 9 and 9-A and the personal income tax under Article 22. The bill also includes coordination rules so the same costs cannot be used to claim another tax credit, and it provides refundability to the extent the credit exceeds tax liability, though no interest would be paid on any resulting overpayment. The measure takes effect immediately and applies to taxable years beginning on or after that date.
Impact
The bill would amend the Tax Law by adding a new asbestos remediation credit provision and conforming cross-references in the franchise tax, corporate tax, and personal income tax articles. It would affect taxpayers undertaking asbestos abatement or remediation projects on older buildings, including individuals, corporations, and other entities subject to the covered taxes. By reducing state tax liability for qualifying remediation expenses, the bill is intended to lower the cost of asbestos removal and encourage cleanup of older structures, while limiting the fiscal exposure through a per-taxpayer cap and anti-double-dipping rules.
Sentiment
Based on the bill text and available context, the measure appears to be presented as a targeted economic and public-safety incentive rather than a controversial broad tax change. No committee transcript or vote record is available, so there is no documented floor or committee debate to indicate strong support or opposition. The structure of the bill suggests a policy goal of encouraging asbestos abatement in aging buildings, which is generally framed as a health and redevelopment issue.
Contention
The main potential points of contention are the cost to the state through foregone tax revenue, the $1 million cap per taxpayer, and whether the credit should be refundable beyond offsetting tax liability. Another possible issue is eligibility: the bill limits the credit to projects on structures at least 25 years old and requires compliance with labor-law asbestos project rules, which may narrow access and raise administrative questions. Because no discussion transcript or vote history is provided, no specific lawmakers, agencies, or stakeholder groups are identified as having raised objections or concerns.
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 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.