Relates to the eligibility for participation in the brownfield cleanup program; appropriation

21 Co-sponsors

• Joseph P. Addabbo Jr.
• Tony Avella
• Neil D. Breslin
• Martin Malavé Dilan
• Michael Gianaris
• Terry Gipson
• Ruth Hassell-Thompson
• Brad Hoylman-Sigal
• Liz Krueger
• Kevin S. Parker
• José Peralta
• Bill Perkins
• Gustavo Rivera
• James Sanders Jr.
• Diane J. Savino
• José M. Serrano
• Daniel L. Squadron
• Toby Ann Stavisky
• Andrea Stewart-Cousins
• Cecilia Tkaczyk
• David J. Valesky

BILL NUMBER:S7830

Title of bill

An act to amend the environmental conservation law, the tax law and the general municipal law, in relation to eligibility for participation in the brownfield cleanup program, and assignment of the brownfield redevelopment tax credits; to amend part H of chapter 1 of the laws of 2003, amending the tax law relating to brownfield redevelopment tax credits, remediated brownfield credit for real property taxes for qualified sites and environmental remediation insurance credits, in relation to tax credits for certain sites; to amend the public authorities law and the environmental conservation law, in relation to the environmental restoration program; and making an appropriation therefor

Purpose or general idea of bill

The purpose of this bill is to reauthorize longterm financing for the State Superfund Program, to modify the Brownfield Cleanup Program (BCP) and to extend the BCP tax credits.

Summary of specific provisions

This bill would:

* extend the BCP tax credits until December 31, 2025;

* authorize the refinancing the State Superfund Program until December 31, 2025;

* appropriate $100 million for the State Superfund Program for State Fiscal year 2014-15;

* modify BCP eligibility and tax credits;

* authorize funding for the Environmental Restoration Program;

* establish a voluntary program for applicants who wish to receive a liability waiver only; and,

* provide additional BCP tax credits for the development of affordable housing, Track 1 clean ups, Brownfield opportunity areas, and environmental zones.

Justification

The Brownfield Cleanup Program tax credits are set to expire March 31, 2015 and a portion of the funding authorization for the State Superfund program expired March 31, 2013. This legislation represents an effort to modify the program, authorize Superfund refinancing, and extend the Brownfield Cleanup Program tax credits.

Prior legislative history

This is new legislation.

Fiscal implications for state and local governments

To be determined.

Effective date

This act shall take effect immediately; provided that sections fourteen, fifteen and seventeen of this act shall be deemed to have been in full force and effect on and after April 1, 2014; and provided, further that sections one, two, three, five, six, eight, nine, ten, twelve and sixteen of this act shall take effect January 1, 2016.