Bill Text: NY S04636 | 2019-2020 | General Assembly | Amended
Bill Title: Provides for a residential asbestos remediation tax credit for the costs of abatement of asbestos contamination in certain residential real property, when such removal is recommended by an asbestos professional.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2020-01-08 - REFERRED TO BUDGET AND REVENUE [S04636 Detail]
Download: New_York-2019-S04636-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 4636--A 2019-2020 Regular Sessions IN SENATE March 18, 2019 ___________ Introduced by Sen. KENNEDY -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to providing a residential asbestos remediation tax credit The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 606 of the tax law is amended by adding a new 2 subsection (kkk) to read as follows: 3 (kkk) Residential asbestos and abatement tax credit. (1) General. A 4 qualified taxpayer shall be allowed a credit for taxable years beginning 5 on or after January first, two thousand twenty against the tax imposed 6 by this article for the costs of abatement of asbestos contamination in 7 certain residential real property, when such removal is recommended by 8 an asbestos professional certified or licensed pursuant to article thir- 9 ty of the labor law. 10 (2) Credit limitation. The amount of the credit shall be the lesser of 11 ten thousand dollars or thirty percent of the total cost. 12 (3) Asbestos abatement costs. The term "costs of abatement" includes 13 the cost of an inspection or assessment from a certified specialist, any 14 initial appraisals of asbestos, municipal or otherwise, labor costs of 15 removal, any disposal fees, and any cleanup fees; except any state or 16 local sales tax applicable to the services performed. 17 (4) Removal and abatement for qualified taxpayers. A property owner 18 who incurs costs for removing or remediating asbestos as in this 19 section, only applies to certain residential real property which is: 20 (A) located in this state; 21 (B) owned by the taxpayer; 22 (C) used by the taxpayer as his or her principal residence, secondary 23 residence, or rental property; and EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD10047-03-9S. 4636--A 2 1 (D) is located in a city or municipality with one million residents or 2 less. 3 (5) When credit allowed. The credit provided for in this subsection 4 shall be allowed with respect to the taxable year in which the removal 5 work is completed and paid for. 6 (6) Carryover of credit. If the amount of the credit, and carryovers 7 of such credit, allowable under this subsection for any taxable year 8 shall exceed the taxpayer's tax for such year, such excess amount may be 9 carried over to the five taxable years next following the taxable year 10 with respect to which the credit is allowed and may be deducted from the 11 taxpayer's tax for such year or years. 12 (7) Allocation of credit. The commissioner, in consultation with the 13 commissioner of the department of health, shall promulgate regulations 14 by January first, two thousand twenty to establish procedures for the 15 allocation of tax credits allowed under this subsection. Such rules and 16 regulations shall include provisions describing the application process 17 for the credit allowed under this subsection, the due dates for such 18 applications, the standards which shall be used to evaluate the applica- 19 tions, the documentation that will be provided to taxpayers to substan- 20 tiate to the department the amount of tax credits allocated to such 21 taxpayers, and such other provisions as deemed necessary and appropri- 22 ate. Notwithstanding any other provisions to the contrary in the state 23 administrative procedure act, such rules and regulations may be adopted 24 on an emergency basis if necessary to meet such January first, two thou- 25 sand twenty deadline. The aggregate amount of tax credits allowed under 26 this subsection in any taxable year shall be twenty-five million 27 dollars. Such aggregate amount of credits shall be allocated among 28 taxpayers in order of priority based upon the date of filing an applica- 29 tion for the credit. If the total amount of allocated credits applied 30 for in any particular year exceeds the aggregate amount of tax credits 31 allowed for such year under this section, such excess shall be treated 32 as having been applied for on the first day of the subsequent year. 33 (8) Credit recapture. For provisions requiring recapture of credit, 34 see section forty-four of this chapter. 35 § 2. This act shall take effect on the one hundred eightieth day after 36 it shall have become a law and shall apply to taxable years beginning on 37 or after January 1, 2020. Effective immediately, the addition, amend- 38 ment and/or repeal of any rule or regulation necessary for the implemen- 39 tation of this act on its effective date are authorized to be made and 40 completed on or before such effective date.