On Monday December 20, 2014, Governor Cuomo vetoed a bill that would have extended the sunset of the state's Brownfield Cleanup Program (BCP) from December 31, 2015 until March 31, 2017, despite indicating in June that he would approve it. Governor Cuomo has stated that changes to the BCP should instead be negotiated as part of the state's budget process early next year.
The bill did not include any modifications to the tax credits that are currently available to any taxpayer that has remediated a site under the BCP. Rather, the extension of the BCP sunset provision would have meant that all taxpayers that remediate a site under the BCP and obtain a certificate of completion from the New York State Department of Environmental Conservation prior to March 31, 2017 would continue to be eligible for all of the tax credits available under the BCP, including the tangible property tax credit. However, as a result of this veto, any current project under the BCP must now be completed and certified by the end of 2015 to be eligible for tax credits.