Bill Text: NY S04636 | 2019-2020 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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-Introduced.html
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-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 4636 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 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 (jjj) to read as follows: 3 (jjj) 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 an owner occupied domicile, when such removal is recommended by an 8 asbestos professional certified or licensed pursuant to article thirty 9 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) Amount of credit. The aggregate amount of tax credits allowed 18 under this subsection in any calendar year statewide shall be twenty- 19 five million dollars. 20 (5) Removal and abatement for qualified taxpayers. A property owner 21 who incurs costs for removing or remediating asbestos as in this 22 section, only applies to an owner-occupied domicile which is: 23 (A) located in this state; 24 (B) owned by the taxpayer; EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD10047-02-9S. 4636 2 1 (C) used by the taxpayer as his or her principal residence, secondary 2 residence, or rental property; and 3 (D) is located in a city or municipality with one million residents or 4 less. 5 (6) When credit allowed. The credit provided for in this subsection 6 shall be allowed with respect to the taxable year, commencing after 7 January first after its passage in which the removal work is completed 8 and paid for. 9 (7) Carryover of credit. If the amount of the credit, and carryovers 10 of such credit, allowable under this subsection for any taxable year 11 shall exceed the taxpayer's tax for such year, such excess amount may be 12 carried over to the five taxable years next following the taxable year 13 with respect to which the credit is allowed and may be deducted from the 14 taxpayer's tax for such year or years. 15 (8) Allocation of credit. The commissioner shall promulgate regu- 16 lations by January first, two thousand twenty to establish procedures 17 for the allocation of tax credits allowed under this subsection. Such 18 rules and regulations shall include provisions describing the applica- 19 tion process for the credit allowed under this subsection, the due dates 20 for such applications, the standards which shall be used to evaluate the 21 applications, the documentation that will be provided to taxpayers to 22 substantiate to the department the amount of tax credits allocated to 23 such taxpayers, and such other provisions as deemed necessary and appro- 24 priate. Notwithstanding any other provisions to the contrary in the 25 state administrative procedure act, such rules and regulations may be 26 adopted on an emergency basis if necessary to meet such January first, 27 two thousand twenty deadline. 28 § 2. This act shall take effect on the one hundred eightieth day after 29 it shall have become a law. Effective immediately, the addition, amend- 30 ment and/or repeal of any rule or regulation necessary for the implemen- 31 tation of this act on its effective date are authorized and directed to 32 be made and completed on or before such effective date.