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.

This bill modifies tax law regarding a credit for tangible property. It clarifies that certain athletic facilities and their components, when built on remediated sites, can be considered tangible property for this credit. The bill also details how related party service fees can be included in the credit calculation and extends the duration for which the credit can be claimed under specific circumstances, including those related to COVID-19 and certain development restrictions.

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