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.