Expands eligibility for the brownfield redevelopment tax credit by lowering population thresholds for qualified sites.

New York Senate Bill S08930 amends the tax law to expand eligibility for the brownfield redevelopment tax credit. It reduces the population numbers that determine which sites qualify for the credit, making more sites eligible. The bill modifies the criteria for the site preparation credit component and the tangible property credit component, allowing credits for more months after the issuance of a certificate of completion. It also specifies that related party service fees are only allowed in the calculation of the tangible property credit component.

Expands eligibility for the brownfield redevelopment tax credit by lowering population thresholds for qualified sites.

New York Senate Bill S08930 amends the tax law to expand eligibility for the brownfield redevelopment tax credit. It reduces the population numbers that determine which sites qualify for the credit, making more sites eligible. The bill modifies the criteria for the site preparation credit component and the tangible property credit component, allowing credits for more months after the issuance of a certificate of completion. It also specifies that related party service fees are only allowed in the calculation of the tangible property credit component.