The New York State Budget that was completed last week also included a 10-year extension of the state’s Brownfield Cleanup Program. This program, which was set to expire at the end of the year, provides New York State tax credits for developers who clean up and build on contaminated sites.
The program, which began 2003 under Governor George Pataki, was designed to encourage clean up and redevelopment of polluted old industrial properties that are often heavily contaminated, and the substantial cleanup and construction costs sometimes outweighs the anticipated value of the projects.
