Earlier this week, lawmakers in Albany reached an agreement with Governor Paterson on amendments to New York State’s Brownfield Cleanup Program Act (”BCPA”). Under current BCPA provisions, developers can receive tax credits for up to 22 percent of the cost of remediating a brownfield site. The new Act will increase that figure to 50 percent but include a cap of $35 million (or three times the cleanup cost, whichever is less) for non-manufacturing projects; the cap increases to $45 million (or six times the cleanup cost, again, whichever is less) for manufacturing projects.
June 25th, 2008 | Stephen Del Percio | 0 comments | Continued