New York State Brownfield Cleanup Act Reform: The Saga Continues
New York State Brownfield Act reform did not survive the crush of last-minute negotiations over the State’s 2014-15 budget. The Governor’s office, the Senate, and Assembly each introduced their own proposals for accomplishing needed reforms but were not able to reach consensus on a path forward.
The attached article reviews the differences among the Governor’s, the Senate’s and the Assembly’s proposals on such key issues as:
- extending the expiration date for brownfield tax credits;
- revising the definition of “brownfield site”;
- restricting tangible property tax credits;
- redefining costs eligible for tax credit treatment; and
- establishing a new, streamlined program for sites not seeking tax credits.
The article discusses the merits of the respective proposals and makes suggestions as to how these differences might be resolved.