New York City Brownfield Partnership (NYCBP) Board Member Emeritus David J. Freeman , Esq. shared this recent article From Gibbons P.C. regarding the New York State Bar Association’s endorsement of a proposed bill amending and extending the New York State Brownfield Cleanup Act.
NYCBP is collaborating with the New York State Bar Association and other interested organizations throughout the State on this important topic. The Partnership provided crucial support to the effort to extend the NYS Brownfield Cleanup Act by providing extensive data analysis to document the program’s remediation and redevelopment successes throughout New York State. The NYCBP’s recently released 2021 study (see copy here) is the second update to its groundbreaking 2014 study; all three reports were authored under contract to the NYCPB by New York University’s Schack Institute of Real Estate.
Please go to this link https://www.gibbonslawalert.com/2021/11/04/new-york-state-bar-association-endorses-amendment-and-extension-of-state-brownfield-cleanup-act/ to read the Gibbons P.C. article in its entirety, including important links to the proposed bill and explanatory reports and detailed analysis.
A quick summary of the bill:
- Extends, from December 31, 2022 to December 31, 2032, the deadline for sites to be accepted into the Brownfield Cleanup Program (BCP) and qualify for tax credits. Additional time would also be provided for sites to obtain their Certificates of Completion (COCs), claim site preparation tax credits, and obtain tangible property credits after issuance of COCs.
- Expands the ability for sites in Potential Environmental Justice Areas and Brownfield Opportunity Areas to qualify for enhanced tax credits.
- Increases the incentives for renewable energy projects on BCP sites.
- Expands the effectiveness of the BCP in addressing soil vapor issues, including clarification of the types of soil vapor-related expenditures that qualify for tax credits.