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Amendments to The New York State Brownfield Cleanup Program (Environment)

Amendments to The New York State Brownfield Cleanup Program (Environment)

Amendments To The New York State Brownfield Cleanup Program - Environment

United States

Amendments to The New York State Brownfield Cleanup program

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New York State Legislature has passed legislation
Amends the NYS Brownfield Cleanup Program, (BCP), and associated tax
Credit program and extends the program by 10 years. The
The BCP was due to end on Dec. 31, but amendments have extended it.
31, 2022, another ten years, through Dec. 31, 20302, and would
Sites must apply for a Certificate of Completion (COC), by 2036.
Certain projects that received a COC after March 20 are exempted from this requirement.
2010 will have 15 years, but not before Dec. 31, 2015.
Date of issuance of their COC for building their buildings.
– up to 10 years. Certain amendments expand the availability of certain medications.
Tax credits under the BCP

The BCP provides state oversight and liability protection. It also helps with tax.
Incentives for remediation and redevelopment
Brownfield sites are real property. Accepted sites
in the BCP, and are remediated to New York’s satisfaction
State Department of Environmental Conservation, NYSDEC and other resources.
A COC is eligible for tax credits that include site preparation
Credit for site remediation, an on the-site groundwater remediation
Credit and the tangible asset credit for redevelopment expenses.
Only certain locations are eligible for the tangible property
tax credit The amendments to the law expand this list to include
Projects within a “disadvantaged neighborhood” within a
Brownfield Opportunity Area, as designated and supervised by the secretary
project being implemented, state pursuant the General Municipal Law
developed to be renewable energy facilities. For projects deemed
The proposal expands the eligibility for the tangible asset credit
allowable 5% “bump ups” (i.e.Additional cost
Projects that are eligible for the tax credit (percentage)
are located in a disadvantaged area or are being developed as renewable energy
Sites for energy facilities

The proposal would allow certain sites to receive it.
Preparation and on-site groundwater remediation credits
Additional two years. Certain site are exempted under the existing statute.
Preparation and on site groundwater components may be charged up to
Five years after the COC issue date. The amendments can be made however.
Expand the amount of time that the site preparation credit, and the on the-site credit take.
Groundwater remediation credit components up to seven years for sites
You received a COC between June 24, 2015 and July 1, 2015.
Additional, for sites that received COCs between March 20 and 20, 2010,
Dec 31, 2015, tangible property credits will be permitted
180 months after the issuance the COC (previously, tangible).
After issuance, property credits were restricted to 120 months.
The COC, or 144-months following the COC at certain sites.

The amendments require applicants to pay a nonrefundable application fee
NYSDEC program fee with submission of executed brownfield
A cleanup agreement must be in the amount $50,000 This fee can be waived
If the applicant can prove financial hardship, the fee is waived.
Does not qualify for any of these tax credits. To
The applicant must demonstrate financial hardship.
The program fee does not include remediation of brownfield sites.
Be economically viable. NYSDEC can help you evaluate financial hardship.
Will consider whether the applicant has waived his rights to tax
Credits, whether the brownfield site location is in
A proposed brownfield site or a disadvantaged community is being considered.
The assets and income were created as affordable housing projects.
NYSDEC may consider other relevant factors.
NYSDEC must set regulations regarding the demonstration of
financial hardship.

This article is meant to be a guide.
guide to the subject matter It is a good idea to seek specialist advice
Learn more about your particular circumstances.

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