Gov. Cuomo’s budget proposal,released Tuesday, seeks to extend the brownfield tax credits (BTCs).
For 10 years, with tangible tax credits focused on sites that are vacant and tax delinquent, are financially underwater, or are priority development projects. In addition, he is proposing a 5% additional BTC bonus amount for Brownfield Opportunity Area (BOA) plans and for affordable housing. This proposal brings hope that the BTC program will be reinstated before the current sunset date of December 31, 2015, and that it will once again be a driving force in remediating brownfield properties and revitalizing communities by offering these powerful incentives. The Governor also proposes $90 million for Superfund and $10 million for the Environmental Restoration Program (ERP).