In the last day of its 2013-2014 session, the New York state legislature has passed a bill to extend the deadline to qualify for tax credits under the state’s Brownfield Cleanup Program (“BCP”). The legislation, if signed by the Governor, would extend the date by which a site must receive a Certificate of Completion (“COC”) in order to qualify for BCP tax credits from December 31, 2015 to March 31, 2017.
If signed into law, this bill will allow more sites to obtain tax credits for remediation by extending the window of time to qualify. The bill also allocates $100 million to the Department of Environmental Conservation for the state Superfund program and increases the amount of financing available to remediation projects.
Other brownfield proposals from this year, including those in the Governor’s budget package, would have dramatically altered eligibility for BCP tax credits, as described in an earlier SPR blog posting. Those earlier proposals and others that would significantly alter eligibility for tax credits are likely to be revisited early in the next legislative session.