David J. Freeman Co-Authors Article for Bloomberg News on the Future of New York’s Brownfield Cleanup Program
David J. Freeman, a Director in the Gibbons P.C. Environmental Group, has co-authored an article with Lawrence P. Schnapf for Bloomberg Law on New York’s Brownfield Cleanup Program (BCP). The two authors, who co-chair the New York State Bar Association’s Brownfields Task Force, are well positioned to offer insights on the future of the program.
The tax credit provisions of the BCP, a key feature of the highly successful program, are scheduled to expire at the end of this year. New York Governor Kathy Hochul has supported efforts to expand and reauthorize the tax credit provisions. The article describes the current tax credit provisions and the key features of Governor Hochul’s proposal, which would result in a ten-year extension of the BCP tax credits. The article also describes changes to the BCP program recommended by other interested stakeholders and in bills introduced by the legislature in last year’s session.
The article notes that, while a positive step, the Governor’s proposed reforms “fall short of the changes recommended by the New York State Bar Association, community groups, and developers, and in bills introduced in last year’s legislative session.” Noting that developments in the next two months may impact the shape of BCP for the next ten years, the authors recommend that interested stakeholders make their voices heard now.