Environmental attorney David J. Freeman of the Gibbons law firm
is advising clients that:
"Governor Andrew Cuomo and leaders of the New York
State Senate and Assembly "have reached an agreement with respect to extension and reform of the State’s Brownfield Cleanup Program (BCP), a significant development in view
of impending expiration of tax credit eligibility on December 31, 2015."
State Senate and Assembly "have reached an agreement with respect to extension and reform of the State’s Brownfield Cleanup Program (BCP), a significant development in view
of impending expiration of tax credit eligibility on December 31, 2015."
Freeman provides a 12- point summary of the agreement in the firm’s Development/Redevelopment blog.
The first three summary points are:
- All sites currently in the Program, and those which are admitted prior to December 31, 2022,
will be eligible for tax credits if they obtain their Certificates of Completion (COCs) by March
31, 2026. - Sites admitted on or after the later of (a) July 1, 2015 or (b) the date on which the Department
of Environmental Conservation (DEC) proposes regulations defining “underutilized” (below)
will be subject to newly-enacted limits on tangible property (development) credits. - Sites admitted prior to June 23, 2008 will be “grandfathered” into the existing tax credit scheme
for development credits if they obtain their COCs by December 31, 2017. Sites admitted from
June 23, 2008 until the later of (a) or (b) above will be grandfathered if they obtain their COCs
by December 31, 2019. If they fail to meet those deadlines, they can still obtain tax credits
under the Program, but only under the more stringent guidelines applicable to newly-admitted
sites.
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