Since Governor Andrew Cuomo and the Legislature reached an agreement on the 2014 budget, there has been frustrating little progress on extending the Brownfield Cleanup Program (BCP). In the absence of any forward movement, developers have been rushing to submit applications to the BCP so they could obtain a certificate of completion (COC) before the BCP tax […]
Glimmer of Hope Emerges for BCP Reform Read More »
[NOTE: Updated to reflect Assembly bill ] With only a week remaining for New York to adopt its 2014-15 budget, extension of the Brownfield Cleanup Program (BCP) remains on the table. It appears that a consensus is emerging on the shape of the brownfield amendments or at least the number of key outstanding issues has
Governor and Legislature Closing Gap on Brownfield Reform Read More »
[Updated] A month after Governor Cuomo proposed sweeping reforms to the Brownfield Cleanup Program, the New York State Senate proposed its own BCP amendments. The bill (S. 6359—C) is available at here. The legislation includes a number of the changes proposed by the Governor’s bill including extending the BCP tax credits to 2025, extending the hazardous
NY Senate Introduces It Own BCP Reform Package Read More »
With the tax credits for the New York State Brownfield Cleanup Program (BCP) scheduled to expire at the end of December 2015, the New York State Department of Environmental Conservation (NYSDEC) has been inudated with applications. Indeed, according to informal betting pool among NYSDEC brownfield employees, the agency anticipates receiving 100 applications by July 1st –the
Is NYSDEC Already Using the Proposed “New” Definition of Brownfield Site? Read More »
Earlier this week, Governor Cuomo sent his sweeping BCP reforms to the State Legislature. Under the state Constitution, the Governor has 30 days to make technical amendments to his budget legislation without involving the legislature. Despite vociferous complaints by brownfield developers, environmental lawyers and affordable housing advocates about the severe curtailments to the categories of projects
NY Governor Sends Revised BCP Reform Bill to Legislature Read More »
The New York State Brownfield Cleanup Program (BCP) may offer lucrative tax credits but to paraphrase the old John Houseman commercial, BCP applicants earn their tax credits the hard way. The BCP is demanding program with rigorous cleanup procedures, robust public participation and lots of documentation requirements. The complexity of the BCP is further exacerbated
1/3 of NY BCP Projects Fail to Obtain COCs in 2013 Due To Documentation Issues Read More »
During the Great Recession, many brownfield sites in the lost their project financing. In New York, sites that were remediated and received a Certificate of Completion (COC) remain valuable because owners have ten years to develop the sites and claim the lucrative qualified tangible property (QTP) tax credit (explained below). As market conditions have stabilized,
NYS Tax Department Rules on Eligibility of Post-COC Costs for BCP Tax Credits Read More »
The Environmental Committee of the NY State Assembly has scheduled a hearing on December 19th to take testimony on proposed changes to the state’s landmark Brownfield Cleanup Program (BCP). The BCP has the most generous tax credits in the country. Applicants can claim three types of tax credits. Depending on the level of cleanup, an
NY Assembly to Hold BCP Hearing Read More »