New York S03532 provides a tax credit for asbestos remediation costs, up to $1,000,000.

New York S03532 amends the tax law to introduce an asbestos remediation tax credit. This credit allows taxpayers who undertake a qualified asbestos project on a qualified structure to claim a credit of twenty percent of all eligible costs incurred, up to a maximum of $1,000,000. The credit is applicable for the year the project is commenced and the two succeeding years. The credit cannot reduce the tax due below a specified minimum amount, and any excess credit is treated as an overpayment without interest.

New York S03532 provides a tax credit for asbestos remediation costs, up to $1,000,000.

New York S03532 amends the tax law to introduce an asbestos remediation tax credit. This credit allows taxpayers who undertake a qualified asbestos project on a qualified structure to claim a credit of twenty percent of all eligible costs incurred, up to a maximum of $1,000,000. The credit is applicable for the year the project is commenced and the two succeeding years. The credit cannot reduce the tax due below a specified minimum amount, and any excess credit is treated as an overpayment without interest.