New York Tax Law (Consolidated Laws)
N.Y. Tax Law § 23
Environmental remediation insurance credit
§ 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).
Source: view the official text
In this article (40 sections)
- 5-A · Certification of registration to collect sales and compensating…
- 6 · Filing of electronic warrants and warrant-related records in the…
- 7 · Inapplicability of certain money judgment enforcement procedures
- 8 · Exemption from taxes granted to REMICs
- 9 · Electronic funds transfer by certain taxpayers remitting…
- 10 · Electronic funds transfer by certain taxpayers remitting sales and…
- 11 · Certified capital companies
- 12 · Internet; advertising, vendor status, nexus
- 13 · Exemption from taxation for victims or targets of Nazi persecution
- 14 · Empire zones program
- 14-A · IMB credit for energy taxes
- 15 · QEZE credit for real property taxes
- 16 · QEZE tax reduction credit
- 17 · Empire zones tax benefits report
- 18 · Low-income housing credit
- 19 · Green building credit
- 20 · Credit for transportation improvement contributions
- 21 · Brownfield redevelopment tax credit
- 21*2 · Disclosure of taxpayer information in cases involving abandoned…
- 22 · Tax credit for remediated brownfields
- 23 · Environmental remediation insurance credit
- 24 · Empire state film production credit
- 24-A · Musical and theatrical production credit
- 24-B · Television writers' and directors' fees and salaries credit
- 24-C · New York city musical and theatrical production tax credit
- 24-D · Empire state independent film production credit
- 25 · Disclosure of certain transactions and related information
- 26 · Security training tax credit
- 27 · Suspension of tax-exempt status of terrorist organizations
- 28 · Empire state commercial production credit
- 28*2 · Biofuel production credit
- 29 · Mandatory electronic filing and payment
- 30 · Bad check or failed electronic funds withdrawal fee
- 31 · Excelsior jobs program credit
- 31*2 · Empire state film post production credit
- 32 · Registration of tax return preparers
- 33 · Correction periods for electronic tax documents and payments
- 33*2 · Temporary deferral of certain tax credits
- 34 · Tax return preparers and software companies not to charge…
- 34*2 · Temporary deferral payout credits