On October 3, 2012, Governor Cuomo signed into law a nine-month extension of the availability of tax credits under New York State’s Brownfield Cleanup Program (“BCP”). The previous version of the Program required sites in the program to receive their certificate of completion (“COC”) from the Department of Environmental Conservation (“DEC”) by March 31, 2015 in order to qualify for tax credits under the BCP; now, sites may qualify if they receive their COC by December 31, 2015. According to the most recent annual report of DEC’s Division of Environmental Remediation, it takes approximately three years for a brownfield site to move through the BCP. It remains to be seen, however, whether a longer-term extension of the BCP tax credits will be taken up by the Legislature in the upcoming term.
SPR is currently working with numerous clients who are developing brownfield sites through the BCP. For additional information on the BCP, please contact Mark Chertok, Michael Bogin, Christine Leas, or Michael Lesser.