“New York State Brownfields Law Modified by Legislature”

On June 24, 2008, in the last hours of its 2008 Legislative Session, the New York State Legislature finally agreed upon and passed amendments to the tax credit provisions of the State’s Brownfields Cleanup Program (BCP). In 2003, when the tax credits were adopted as part of the original Brownfields legislation, they were intended to provide incentives for private investment in the cleanup and development of Brownfields and were based on percentages of cleanup and redevelopment costs, ranging from 10-22%, with no cap on the total tax credit. Over the last four years, questions have been raised regarding the effectiveness of the tax credit program, and whether it effectively furthers the objectives of the BCP.

This Stroock Special Bulletin looks at the recent amendments and how they affect existing and prospective Brownfields projects in New York State.