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 […]
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 »
Over a year after the 2015 amendments to the state Brownfield Cleanup Program (BCP) went into effect and eight months after the legislative deadline, the New York State Department of Environmental Conservation (NYSDEC) announced it was adopting amendments to its Part 375 regulations defining what constitutes “underutilized” and “affordable housing”. The definitions are important because
NYSDEC Adopts Final Definition of “Underutilized” for NYC Brownfield Sites 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 »
NYSDEC has released its proposed its “affordable housing project” and “underutilized” definitions that were required by the Brownfield Cleanup Program (BCP) amendments. These definitions, along with the other criteria for eligibility for tangible property tax credits (the site’s location in an EnZone or the site meeting the statutory definition of “upside down”), will be used
NYSDEC Proposes BCP “Underutilized” and “Affordable Housing Project” Definitions Read More »