N.Y. Tax Law § 23

Current through 2022 NY Law Chapter 200
Section 23 - Environmental remediation insurance credit
(a) Allowance of credit. General. A taxpayer subject to tax under article nine, nine-A, twenty-two or thirty-three of this chapter shall be allowed a credit against such tax, pursuant to the provisions referenced in subdivision (e) of this section. The amount of such credit shall be equal to the lesser of thirty thousand dollars or fifty percent of the premiums paid on or after the date of the brownfield site cleanup agreement executed by the taxpayer and the department of environmental conservation pursuant to section 27-1409 of the environmental conservation law by the taxpayer for environmental remediation insurance issued with respect to a qualified site.
(b) Definitions. As used in this section, the following terms shall have the following meanings:
(1) Qualified site. A "qualified site" is a site with respect to which a certificate of completion has been issued to the taxpayer by the commissioner of environmental conservation pursuant to section 27-1419 of the environmental conservation law to an "applicant" as that term is defined in subdivision one of section 27-1405 of the environmental conservation law.
(2) Certificate of completion. A "certificate of completion" issued by the commissioner of environmental conservation pursuant to section 27-1419 of the environmental conservation law.
(3) Environmental remediation insurance. The term "environmental remediation insurance" shall mean that type of insurance described in section three thousand four hundred forty-seven of the insurance law.
(c) The credit provided for in subdivision one of this section shall be allowed for the taxable year in which the certificate of completion is issued to the taxpayer. Such credit shall be allowed only once with respect to a particular certificate of completion.
(d) If the certificate of completion issued to the taxpayer with respect to a qualified site is revoked by a determination issued pursuant to section 27-1419 of the environmental conservation law, the amount of credit allowed by this section shall be added back in the taxable year in which such determination is final and no longer subject to judicial review.
(e) Cross-references. For application of the credit provided for in this section, see the following provisions of this chapter:
(1) Article 9: Section 187-i
(2) Article 9-A: Section 210-B, subdivision 19
(3) Article 22: Section 606, subsections (i) and (ff)
(4) Article 33: Section 1511, subdivision (w).

N.Y. Tax Law § 23

Amended by New York Laws 2014, ch. 59,Sec. A-41 and Sec. A-42, eff. 1/1/2015.
See New York Laws 2022, ch. 58, Sec. LL-10.