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New York Tax Law Section 23 - Environmental Remediation Insurance Credit.

Legal Research Home > New York Lawyer > Tax > New York Tax Law Section 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,  thirty-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, subdivision 35
    (3) Article 22: Section 606, subsections (i) and (ff)
    (4) Article 32: Section 1456, subsection (s)
    (5) Article 33: Section 1511, subdivision (w).
    * NB Applies to taxable years beginning on or after April 1, 2005

Last modified: September 7, 2006