Brownfield Program Reform Passes

Just before session ended last night, the NY Legislature passed reform measures to overhaul the State's Brownfield Program. Currently the Program is under a 90-day moratorium while the reforms were being negotiated. The key changes include an increase in tax credits and incentives which will now allow credits and incentives up to 1/2 of a site's cleanup costs; a limit on redevelopment credits for manufacturing projects at the lesser of $45 million or 6 times the cleanup costs; and a cap on redevelopment credits for non-manufacturing projects at $35 million or 3 times the cleanup costs. The reform package also shifted administration of the Program to the Department of State, effective next April.