brownfield tax credits

Governor Hochul Announces Support For BCP Extension and Reform in State of State Report

Brownfields, New York Brownfield Cleanup Program / By

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 […]

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NYS Budget Includes Limited Covid-Related Brownfield Amendment After Stakeholders Request More Comprehensive Reforms.

Brownfields, New York Brownfield Cleanup Program / By

In a prior Post, we discussed that Governor Andrew Cuomo’s proposed executive budget for Fiscal Year 2022 provided an extra two years for owners of brownfield projects that received COCs between March 20, 2010 through January 1, 2012 to claim the qualified tangible property tax (QTP) credit. The extension was intended to provide relief to

NYS Budget Includes Limited Covid-Related Brownfield Amendment After Stakeholders Request More Comprehensive Reforms. Read More »

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

Brownfields, New York Brownfield Cleanup Program / By

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

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NY Legislature Passes Bill that would require prevailing wage at brownfield sites.

Brownfields, New York Brownfield Cleanup Program / By

The New York States Senate and Assembly have passed bills that would require developers to use prevailing wages on projects using state financial assistance. Since the bill would apply to projects that receive tax credits, it could apply to projects enrolled in the brownfield cleanup program (BCP). If signed into law, this bill could have

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NYSDEC Swamped With BCP Applications Seeking to Beat Changes to Tax Credits

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As we previously discussed, Governor Andrew Cuomo and the Legislature reached an agreement on sweeping reforms to the Brownfield Cleanup Program (BCP) as part of the 2015-16 state budget. Among the significant changes which are scheduled to take effect on July 1st are that sites located in New York City will no longer be eligible

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NYSBA Brownfield Task Force Issues Report Recommending Changes to Brownfield Program

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Following the failure of the Legislature and Governor to reach agreement on comprehensive reform of the Brownfield Cleanup Program (BCP), the Brownfield Task Force (BTF) of the New York State Bar Association, which I co-chair with David Freeman, convened a cross-section of stakeholders to study the BCP. After a series of meetings and conference calls,

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DEC Announces New Form For Amending Brownfield Cleanup Agreements

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When applicants are accepted into the NY Brownfield Cleanup Program (BCP), they enter into a Brownfield Cleanup Agreement (BCA). In addition to establishing the rights and obligations of the applicant, the BCA describes the brownfield site and identifies the parties who will be eligible to claim the BCP tax credits. If an applicant changes its

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NY Legislature Passes Brownfield Extender Bill But Will It Matter?

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[Update: At a bill signing ceremony in Buffalo on June 24th, Governor Cuomo was quoted as saying he would sign the BCP extension] On June 20th, the NY State Senate approved legislation that would extend the expiration of the Brownfield Cleanup Program (BCP) to March 31, 2017. The same bill had been passed by the Assembly earlier

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Governor Cuomo Proposes Sweeping Amendments to Brownfield Program

Brownfields, New York Brownfield Cleanup Program, NYC OER / By

[Note: This post will be periodically updated as new information becomes available about the proposed legislative changes ] Governor Andrew Cuomo unveiled his budget legislation today. As expected, the legislation proposed sweeping changes to the state Brownfield Cleanup Program (BCP). The proposed legislation adopts the recommendations of the New York State Tax Reform and Fairness Commission

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NY Expects Record Number of Brownfield Cleanup Completions in 2014

Brownfields, New York Brownfield Cleanup Program / By

In 2012, New York legislature failed to meaningfully extend the sunset date for the brownfield cleanup program (BCP) tax credits. In that session, the legislature, only extended the expiration date from March 31, 2015 to December 31, 2015. Because BCP applicants must obtain certificates of completion (COC) from the NYS Department of Environmental Conservation (NYSDEC) by the BCP

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