Bill Text: NY S03595 | 2015-2016 | General Assembly | Introduced

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Bill Title: Relates to the eligibility for participation in the brownfield cleanup program; makes appropriation therefor.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-01-06 - REFERRED TO FINANCE [S03595 Detail]

Download: New_York-2015-S03595-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3595
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                   February 13, 2015
                                      ___________
       Introduced  by  Sen.  RANZENHOFER -- read twice and ordered printed, and
         when printed to be committed to the Committee on Finance
       AN ACT to amend part H of chapter 1 of the laws of  2003,  amending  the
         tax  law  relating to brownfield redevelopment tax credits, remediated
         brownfield credit for real property  taxes  for  qualified  sites  and
         environmental  remediation insurance credits, in relation to tax cred-
         its for certain  sites;  to  amend  the  public  authorities  law,  in
         relation  to the superfund program; and making an appropriation there-
         for
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Section  31  of  part H of chapter 1 of the laws of 2003,
    2  amending the tax law relating to brownfield redevelopment  tax  credits,
    3  remediated brownfield credit for real property taxes for qualified sites
    4  and  environmental  remediation insurance credits, as amended by chapter
    5  474 of the laws of 2012, is amended to read as follows:
    6    S 31. The tax credits allowed under section 21, 22 or 23  of  the  tax
    7  law  and  the corresponding provisions in articles 9, 9-A, 22, 32 and 33
    8  of the tax law, as added by the provisions of sections one through twen-
    9  ty-nine of this act,  shall  not  be  applicable  if  the  [remediation]
   10  certificate OF COMPLETION required to qualify for any of such credits is
   11  issued after [December 31, 2015] MARCH 31, 2024.
   12    S 2. Subdivision 3 of section 1285-q of the public authorities law, as
   13  added  by  section  6  of  part  I  of chapter 1 of the laws of 2003, is
   14  amended to read as follows:
   15    3. The maximum amount of bonds that may be issued for the  purpose  of
   16  financing  hazardous  waste site remediation projects authorized by this
   17  section shall not exceed one billion [two] FIVE hundred million  dollars
   18  and  shall  not  exceed one hundred twenty million dollars for appropri-
   19  ations enacted for any state fiscal year, provided that  the  bonds  not
   20  issued for such appropriations may be issued pursuant to reappropriation
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07433-01-5
       S. 3595                             2
    1  in  subsequent  fiscal years. No bonds shall be issued for the repayment
    2  of any new appropriation enacted after March thirty-first, two  thousand
    3  [thirteen]  SEVENTEEN  for  hazardous  waste  site  remediation projects
    4  authorized  by  this  section.  Amounts  authorized to be issued by this
    5  section shall be exclusive of bonds issued  to  fund  any  debt  service
    6  reserve  funds,  pay costs of issuance of such bonds, and bonds or notes
    7  issued to refund or otherwise repay bonds or  notes  previously  issued.
    8  Such  bonds  and  notes  of  the  corporation shall not be a debt of the
    9  state, and the state shall not be liable  thereon,  nor  shall  they  be
   10  payable  out of any funds other than those appropriated by this state to
   11  the corporation for debt service and related expenses  pursuant  to  any
   12  service  contracts executed pursuant to subdivision one of this section,
   13  and such bonds and notes shall contain on the face thereof  a  statement
   14  to such effect.
   15    S  3.  The sum of one hundred million dollars ($100,000,000) is hereby
   16  appropriated to the department of environmental conservation out of  any
   17  moneys  in  the  state treasury in the capital fund to the credit of the
   18  hazardous waste cleanup account, not otherwise  appropriated,  and  made
   19  immediately available, for the purpose of carrying out the provisions of
   20  this  act.  Such moneys shall be payable on the audit and warrant of the
   21  comptroller on vouchers certified or approved  by  the  commissioner  of
   22  environmental conservation in the manner prescribed by law.
   23    S 4. This act shall take effect immediately.