Extending NY's Brownfield Tax Credit — With Major Cutbacks

Law360, New York (February 6, 2014, 2:51 PM EST) -- The New York governor proposed to extend the most significant tax credits associated with New York’s Brownfield Cleanup Program as part of his executive budget. The proposal tries to take a middle ground between the cheerleaders of the program, who contend that it has been a widely successful economic development and environmental cleanup program, and the critics, who assert that the tax credits, especially the “tangible property credit,” is an unnecessary giveaway to real estate developers.

Background — New York’s BCP

New York’s BCP, which was...
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