Governor Cuomo’s Proposed Amendments to Brownfield Program

Please see below for an excerpt from the governor’s press release and a link to an article by Partnership Board member Larry Schnapf of Schnapf LLC.

“The Executive Budget includes legislation to extend the Brownfields Cleanup Program for ten years, with important reforms to protect taxpayers and promote brownfield redevelopment, particularly in Upstate New York. Under the reformed program, remediation tax credits will only cover actual cleanup costs and redevelopment credits will be available for sites that have been vacant for over a decade, worth less than the cleanup costs, or are priority economic development projects. In addition, the Budget includes a new $100 million appropriation to extend the State Superfund cleanup program, including $10 million through the Environmental Restoration Program to address municipally-owned brownfields.”

http://www.environmental-law.net/2014/01/governor-cuomo-proposed-amendments-to-brownfield-program/