Under New York’s unique form of democracy, bills that are passed by the legislature are held at the Assembly until the Governor calls for the bill. Once the Governor receives a bill, he has ten days to sign the bill.
As we previously posted, the legislature passed a bill back in June that would have extended the Brownfield Cleanup Program (BCP) tax credits to March 31, 2017. The tax credits are currently set to expire on December 31, 2015. Applicants would need to obtain a Certificate of Completion by that date to qualify for the tax credits if the law is not extended.
We learned today that the Govenor finally called the bill. He has until December 29th to sign the extension