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 […]
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
The New York State Department of Environmental Conservation (“NYSDEC”) has received numerous inquiries about issues arising with the execution of Brownfield Cleanup Program (“BCP”) agreements and amendments because of the Covid19 pandemic. In response, the NYSDEC has issued the following guidance: The DYSDEC will grant reasonable extensions of time for the execution of Brownfield Cleanup
On March 30th, the NYC Department of Buildings issued a memo implementing Governor Cuomo’s Executive Order 202.6 (EO) and New York State Empire Development Corporation Guidance requiring the shutdown of all non-essential construction except emergency construction For projects enrolled in its Voluntary Cleanup Program or the “e” designation program, OER will implement the construction ban on
NYC OER Issues Guidance Implementing Construction Ban For Remedial Sites Read More »
Governor Andrew Cuomo unveiled his 2015-16 budget on January 21st. As anticipated, the budget contains sweeping reforms to the Brownfield Cleanup Program (BCP) in Part R of the Revenue Article VII Legislation. The BCP amendments are substantially similar to the changes proposed in 2014 which some tweaking around the margins. Click here for a copy of
Governor Cuomo Proposes BCP Reform: Déjà vu all over again? Read More »
Both houses of the New York Legislature passed bills that would extend the sunset date for the brownfield tax from March 31, 2015 to December 31, 2015. Parties remediating sites in the Brownfield Cleanup Program (BCP) must obtain certificates of completion (COC) from the NYS Department of Environmental Conservation (NYSDEC) by that date to be able
NY Legislature Extends Brownfield Tax Credits Read More »