Governor Kathy Hochul announced support extending the Brownfield Cleanup Program (BCP) in her State of the State report today.
In addition to extending the BCP tax credits which are scheduled to sunset at the end of this year, the Governor’s State of the State Book states that:
- The Governor will also expand the tangible property tax credit eligibility for some disadvantaged and low-income communities, as well as renewable energy facility sites, in an effort to focus BCP-driven redevelopment in these areas and to help meet the state’s ambitious climate goals.
- The Brownfield Opportunity Area (BOA) program will be amended to allow for funds to be used for more pre-development activities, including demolition, asbestos removal, site preparation, legal and financial services, renewable energy feasibility studies, and impact analyses. The Governor hopes this initiative will help identify and prepare sites of various
scales that are appropriate for renewable energy siting and other beneficial uses
The 2022 State of the State Book is available here
A number of stakeholders have proposed extending and expanding the BCP including the New York State Bar Association and the Real Estate Board of New York.