|From:||Lenny Siegel <email@example.com>|
|Date:||Mon, 7 Feb 2011 17:05:43 -0800 (PST)|
|Subject:||[CPEO-BIF] New York's Brownfields tax credits|
State 'fix' losing credit Builders make lucrative use of state tax credits meant for site cleanup By BRIAN NEARING Albany Times-Union (NY) February 7, 2011ALBANY -- It could take years to fix the state program that, while intended to clean polluted sites, has resulted in hundreds of millions of dollars flowing into a relative handful of costly mega-projects with mini-cleanups.
In three years, the Brownfield Cleanup Program cost taxpayers more than $464 million in tax credits, which are cash payments directly from the state treasury, but created only about $340 million in cleanups, according to a Times Union analysis of annual reports by the state Department of Taxation and Finance.
Instead, more than 90 percent of the credits rewarded developers for new buildings, according to the analysis, which covers 49 projects that received tax credits from 2007 through 2009. Dozens of other projects form a backlog that could cost the state eye-popping sums for years to come.
... For the entire article, see http://www.timesunion.com/local/article/State-fix-losing-credit-1000275.php -- Lenny Siegel Executive Director, Center for Public Environmental Oversight a project of the Pacific Studies Center 278-A Hope St., Mountain View, CA 94041 Voice: 650/961-8918 or 650/969-1545 Fax: 650/961-8918 <firstname.lastname@example.org> http://www.cpeo.org _______________________________________________ Brownfields mailing list Brownfields@lists.cpeo.org http://lists.cpeo.org/listinfo.cgi/brownfields-cpeo.org
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