Last month, Governor Cuomo signed into law an extension of the availability of tax credits under the New York State Brownfield Cleanup Program (“BCP”) from March 31, 2015 to December 31, 2015. Sites in the BCP that receive a certificate of completion from the Department of Environmental Conservation (“DEC”) indicating that the brownfield has been remediated to DEC’s satisfaction by December 31, 2015 will qualify for tax credits under the BCP.

It appears likely that the New York state legislature will be considering modifications to the BCP during the coming year. If the availability of tax credits under the BCP is extended beyond December 31, 2015, it is possible that the amount of tax credits currently available may be decreased.