Governor Cuomo Signs Nine-Month Extension of Tax Credits Under Brownfield Cleanup Program
On October 3, 2012, New York Governor Andrew Cuomo signed into law a nine-month extension of the availability of tax credits under New York State's Brownfield Cleanup Program BCP.
Previously, the BCP required sites in the program to receive their certificate of completion from DEC by March 31, 2015 to qualify for tax credits. With the extension, sites may qualify if they receive their certificate of completion by December 31, 2015.
According to the most recent annual report of DEC's Division of Environmental Remediation, it takes approximately three years for a brownfield site to complete the BCP process.