Governor Andrew Cuomo vetoed the Brownfield Cleanup Program (“BCP”) extension bill passed by the New York State legislature this past June. The proposed bill would have extended the availability of tax credits under the BCP until March 31, 2017, without any changes to eligibility criteria. Under the current law, any party seeking BCP-related tax credits must obtain a Certificate of Completion indicating a finished cleanup by December 31, 2015.
In a statement accompanying the veto, Cuomo noted that his proposed Executive Budget for 2014-2015, which he released this past January, provided for a 10-year extension of BCP tax credits, albeit subject to dramatic eligibility changes. The veto statement explained that this “demonstrated this Administration’s commitment to these important programs.” The legislature declined to adopt Cuomo’s proposed budget, and later addressed the issue of BCP tax credits in the proposed extension bill discussed above.
In his veto statement, Cuomo stated that despite his support for extending the tax credits, he could not sign the legislature’s proposed extension bill because the bill was “not included as part of the 2014-15 Enacted Budget,” and as such would have an “unplanned, direct impact on the current State fiscal plan.” Cuomo also stated that he intended to include proposed extensions to the BCP tax credits, along with “appropriate reforms,” in his 2015-16 proposed Executive Budget.