In January 2014, Governor Andrew M. Cuomo proposed a 10-year reauthorization of the state’s Brownfield Cleanup Program (BCP),1 with new limits on available tax credits. The state Legislature, however, passed a bill in June to extend the BCP—with its existing, generous tax credits—only until March 31, 2017. Although the governor initially indicated that he would sign the bill, in late December he unexpectedly vetoed it, claiming that it was a budget buster.2
The governor and the Legislature very well may reach an agreement this year to extend the BCP, which originally was created in 2003, beyond its current sunset date of Dec. 31, 2015. Yet, given the uncertainty in the program resulting from the governor’s veto, it seems to be an appropriate time to examine whether the BCP actually has boosted brownfield redevelopment throughout the state, or whether the program has been more about the tax credits than the cleanup. After discussing that issue, this column will explore other options for turning brownfields3 into usable property, and how a practitioner now might advise clients in light of the governor’s unexpected veto.
The BCP Program
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