In response to Covid Crisis, Governor Proposes to Extend Brownfield Tax Credits for Some Sites

Much like with the Great Recession of 2008, the Covid crisis has caused many brownfield projects to stall. As a result, BCP projects that received their Certificate of Completion (COCs) in 2010-11 are at risk of losing the right to claim the tangible property tax credit since the ten year period to put the property into service has or is fast expiring.

In response, Governor Andrew Cuomo’s proposed executive budget for Fiscal Year 2022 would provide an extra two years for owners of certain brownfield projects that received COCs between March 20, 2010 through January 1, 2012 to claim the qualified tangible property tax credit. In other words, projects whose ten-year would expire between¬† March 20, 2020 and December 31, 202 will now have an additional two years to complete their project and claim their tax credits.

The text appears in Part AA of Section VII (Transportation, Economic Development and Environmental Conservation).

Discussions continue about extending the 12/31/2022 and 03/26/2026 tax credit sunsets.

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