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

6 Co-sponsors

• Carl L. Marcellino
• Martin Malavé Dilan
• Patrick M. Gallivan
• Timothy M. Kennedy
• Michael H. Ranzenhofer
• Lee M. Zeldin

BILL NUMBER:S7878 REVISED MEMO 06/17/2014

Title of bill

An act 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, in relation to the superfund program; and making an appropriation therefor

Purpose

To extend the sunset of the brownfield cleanup program, and to authorize refinancing of the State Superfund program.

Summary of specific provisions

This bill would:

*extend the brownfields cleanup program sunset to March 31, 2017;

*authorize refinancing of the State Superfund Program until March 31, 2017; and

*appropriate $100 million to the hazardous waste cleanup account.

Justification

This bill would extend the December 31, 2015 sunset of the brownfield cleanup program (BCP) to March 31, 2017. Projects take on average 2.8 years to obtain a certificate of completion, which is required to receive tax credits. Extending the sunset is necessary to keep the program going because the sunset has effectively ceased inclusion of new projects under the BCP. Further, this bill would provide continued fund- ing to remediate Superfund sites.

Prior legislative history

New bill.

Fiscal implications

To be determined.

Effective date

This act shall take effect immediately provided that section three of this act shall be deemed to have been in full force and effect on and after April 1, 2014.