Emerging Issues
Inflation Reduction Act: Recent Guidance and the Path Forward in 2024
On February 20 and February 21, 2024, the Internal Revenue Service (IRS) and the Department of the Treasury (Treasury) held a public hearing on proposed regulations concerning the definition of energy property and rules applicable to obtaining tax credits pursuant to the Inflation Reduction Act of 2022 (IRA). The IRA allows taxpayers to deduct a…
New York Supreme Court Dismisses Challenge to Local Law 97
On October 30, 2023, the New York Supreme Court, New York County dismissed a significant legal challenge to New York City’s building emissions law, Local Law 97 of 2019. The decision provides clarity to the NYC real estate community that Local Law 97 is valid, enforceable, and constitutional. The law’s greenhouse gas (GHG) emissions caps…
New Proposed Local Law 97 Regulations Include Penalty Mitigation, Electrification, and Enforcement Provisions
On September 12, 2023, the New York City Department of Buildings (DOB) issued proposed regulations to implement Local Law 97 of 2019 (LL97). LL97 requires most large buildings in NYC to meet increasingly stringent greenhouse gas (GHG) emissions limits starting in 2024. The proposed regulations establish penalty mitigation pathways, create incentives for electrification, and clarify…
New York State’s FY 2024 Budget Includes Decarbonization and Renewable Energy Investments But Lacks Gov. Hochul’s Housing Plan
On May 3, 2023, New York Governor Kathy Hochul announced the highlights of the approved Fiscal Year 2024 state budget, including numerous investments in decarbonization programs and renewable energy development. Notably absent from the budget are the elements of Governor Hochul’s housing plan, which included a commitment to build 800,000 new units in a decade…
Recent Developments in PFAS Regulation
The regulation of per- and poly-fluoroalkyl substances (PFAS) continues to rapidly evolve at the New York State and federal levels. As further detailed in SPR’s prior blog post on this issue, PFAS are a family of chemical compounds with unique properties allowing them to withstand extreme temperatures, resist degradation, stains, and grease, and adopt nonstick…
Governor Hochul Approves Changes to Environmental Justice Amendments
On March 3, 2023, Governor Hochul approved the New York State Legislature’s “chapter amendment” (S01317/A01286) to the environmental justice law that was enacted in December 2022 (S8830/A2103-D). The original legislation amended the State Environmental Quality Review Act (SEQRA) process and the New York State Department of Environmental Conservation’s (NYSDEC) permit approval process to expressly incorporate…
