Governor Cuomo is expected to sign a bill passed by the New York State Legislature last week that extends the sunset of the state's Brownfield Cleanup Program (BCP) from December 31, 2015 until March 31, 2017. This bill does not include any modifications to the tax credits that are currently available to any taxpayer that has remediated a site under the BCP. The bill also authorizes the issuance of bonds to refinance the New York State Superfund Program through March 31, 2017, and appropriates $100 million to the New York State Department of Environmental Conservation for the program.
The extension of the BCP sunset provision means 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 will continue to be eligible for all of the tax credits available under the BCP, including the tangible property tax credit.
Earlier in the legislative session, both Governor Cuomo and the legislature had proposed various amendments to the BCP that would have reduced eligibility for certain tax credits, and also would have expanded an exemption from various state fees and assessments associated with the removal of contaminated soil or wastewater during construction activities that currently applies to BCP sites only. It is possible that additional changes to the BCP will be proposed in the next legislative session.