New York legislation · 2025-2026 General Assembly
New York A11602: Relates to the tangible property credit component of the brownfield redevelopment tax credit
Status: In committee, June 5, 2026
Extends the tangible property credit component of the brownfield redevelopment tax credit for certain qualified sites which contain 40% open space and 25% affordable housing units.
What the bill says
An act to amend the tax law, in relation to the tangible property credit component of the brownfield redevelopment tax credit.
From the introduced text, June 5, 2026:
AN ACT to amend the tax law, in relation to the tangible property credit component of the brownfield redevelopment tax credit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph (i) of paragraph 3 of subdivision (a) of section 21 of the tax law, as amended by section 2 of subpart B of part J of chapter 59 of the laws of 2023, is amended to read as follows: (i) The tangible property credit component shall be equal to the applicable percentage of the cost or other basis for federal income tax purposes of tangible personal property and other tangible property, including buildings and structural components of buildings, which constitute qualified tangible property and may include any related party service fee paid; provided that in determining the cost or other basis of such property, the taxpayer shall exclude the acquisition cost of any item of property with respect to which a credit under this section was allowable to another taxpayer; and provided further that for the purposes of this section, starting with taxable year two thousand twenty-two, on sites that comply with the track one remediation standards promulgated pursuant to subdivision four of section 27-1415 of the environmental conservation law, stadiums, baseball parks, basketball courts and other athletic facilities …
Sponsors
- Moreno, Diana (D, 36) · primary sponsor
Latest actions
- : REFERRED TO WAYS AND MEANS
Subjects: Tax Law
Common questions
- What is A11602?
- A11602 is a bill in the New York Legislature (2025-2026 General Assembly): Relates to the tangible property credit component of the brownfield redevelopment tax credit.
- What does A11602 do?
- In its own words: An act to amend the tax law, in relation to the tangible property credit component of the brownfield redevelopment tax credit.
- What is the status of A11602?
- In committee as of June 5, 2026. Latest action: REFERRED TO WAYS AND MEANS (June 5, 2026).
- Who sponsored A11602?
- Moreno, Diana (D, 36).
- Where is the official record for A11602?
- On the New York Legislature website: https://www.nysenate.gov/legislation/bills/2025/A11602
Source: official New York record. Tracked by Delilah, AI for legislation across all 50 states and Congress.