[CPEO-BIF] "New York Lawmakers Agree on Brownfield Law Extension With Less Drastic Changes to Tax Credits"

[Lenny Siegel <lsiegel@cpeo.org>]

New York Lawmakers Agree on Brownfield Law Extension With Less Drastic Changes to Tax Credits

by Steven Russo and Robert Rosenthal
National Law Review
March 31, 2015

In a departure from his budget proposal, New York Governor Cuomo has agreed to extend the tax credits for New York’s Brownfield Cleanup Program (BCP) with relatively modest changes to BCP eligibility requirements.  The Governor’s budget proposal would have limited the lucrative “tangible property” tax credit, which is the credit based on a percentage of the cost of constructing a new development on a Brownfield site, to (i) properties located in an environmental zone, (ii) properties to be utilized for affordable housing, or (iii) “upside down” properties – where the remediation of the property is projected to cost more than the value of the remediated property.  Under the bill agreed to with the Legislature, however, those limits (with modifications) will apply only to properties located in New York City.  In other words, outside of New York City, eligibility for the tangible property tax credit will remain available to all developers that otherwise qualify under the BCP, as per existing law.

…

For the entire article, see
http://www.natlawreview.com/article/new-york-lawmakers-agree-brownfield-law-extension-less-drastic-changes-to-tax-credit

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Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope Street
Mountain View, CA 94041
Voice: 650-961-8918 or 650-969-1545
Fax: 650-961-8918
LSiegel@cpeo.org
http://www.cpeo.org




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