The New York State Brownfield Cleanup Program (BCP) has demonstrated how tax incentives can stimulate the development of contaminated properties. Now that the federal Internal Revenue Service (IRS) has designated over 8,700 Qualified Opportunity Zones (QOZs), contaminated sites in low-income areas across the United States may be able to benefit from this new federal tax […]
Opportunity Zones and Brownfields Read More »
A little-noticed bill that was passed at the end of 2017 made significant changes to the NJ Hazardous Discharge Site Remediation Fund (HDSRF) grant and loan program. The legislation, A1954 signed into law on 1/15/18. Below are a summary of the changes. Thanks to our friends at the Brownfield Coalition of the Northeast (BCONE) for
Changes to NJ Brownfield Funding Program Read More »
Earlier this week the Trump Administration unveiled its “Legislative Outline for Rebuilding Infrastructure in America”. Among the proposals were three amendments to the federal Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) that are designed to incentivize redevelopment of contaminated properties. The proposal can be viewed Here. Since this document is an overview, it does not
Trump Administration Infrastructure Plan Proposes CERCLA Amendments Read More »
[Editors’ Note- The final Budget that was approved at the end of March did not include the BCP Tax Credit Deferral ]. In his recent budget proposal, Governor Cuomo proposed a three-year BCP tax credit deferral. The proposed deferral which is located in Part S of Revenue Article VIII is similar to that enacted in
NY Governor Proposes Another BCP Tax Credit Deferral Read More »
Regulatory reform is at the centerpiece of the Trump Administration’s plan to stimulate economic growth. During the presidential campaign, candidate Trump vowed to rollback a variety of Obama Administration Climate Change Initiatives but said little about EPA remedial programs such as the federal Comprehensive Environmental Response, Compensation and Liability Act (CERCLA or superfund). Based on
Remedial Program Reform Proposals for EPA Administrator Pruitt Read More »
The NYSDEC’s much awaited revised definition of underutilized that was required as part of the 2015 Brownfield Cleanup Program (BCP) reforms will be published in the March 9, 2016 New York State Register (NYR). The proposed definition is currently available on the NYSDEC website As previously discussed, the 2015 BCP amendments replaced the ‘as of
NYSDEC Proposes Revised Brownfield “Underutilized” Definition Read More »
The NYC Board of Standards and Appeals (Board) granted a variance to facilitate construction of a four-story residential building in Marine Park, Brooklyn because of the costs to remediate soil contamination associated with historic uses at the development parcel. (BSA Bulletin No. 15, Vol. 100, BSA calendar no. 254-13-BZ, CEQR #14BSA032K) The Department of Buildings
NYC Board of Standards and Appeals Grants Zoning Variance Due to Cleanup Costs Read More »
As we have previously discussed, the 2015 Brownfield Cleanup Program (BCP) reforms that removed the tangible property cost (TPC) tax credit as an “as of right” benefit for NYC brownfield sites required NYSDEC to issue proposed definitions of “underutilized” and “affordable housing” by mid-June and to finalize the definitions by October 1st. The agency met
DEC Misses Deadline for Finalizing Underutilized Definition Read More »
A two-year effort to extend the state Brownfield Cleanup Program (BCP) reached fruition when Governor Andrew Cuomo and both houses of the Legislature struck a deal on sweeping reforms to the BCP. The legislation may be viewed here. The compromise addressed the concerns about the costs of the BCP but limited some of the more draconian
Deal Reached on Sweeping BCP Reforms Read More »
The New York Brownfield Cleanup Program (BCP) is known for producing robust cleanups. One reason is the stringent cleanup standards of 6 NYCRR Part 375 but another is the BCP tax credits that reward applicants who achieve track 1 unrestricted cleanups. Applicants that achieve unrestricted (track 1) cleanups are entitled to claim 50% of their
Expiration of BCP Tax Credits Could Lead to Surge in “Pave and Wave” Cleanups Read More »