Governor Eliot Spitzer has proposed a new brownfield program that would replace the old, broken system.

Spitzer's proposal would:

• Change the existing brownfields tax credit structure to cover the full cost of brownfields remediation while providing additional incentives to encourage development of newly remediated sites. Current law provides tax credits for the construction of buildings on cleaned-up sites and other costs unrelated to clean up;
• Revise tax credits to encourage parties to undertake more rigorous clean-up efforts that adhere to higher standards;
• Require that participating parties responsible for contributing to pollution at a site pay a greater percentage of clean-up costs; and
• Expand reporting requirements by the recipients of the tax credits to provide the state with more accurate data on a more frequent basis.

The rationale from the Governor's office?

"In 2003, a new brownfields law was adopted by the State Legislature. An analysis of the first 25 projects certified and approved under the program indicates that only a small fraction of the tax credits granted were related to remediation costs."

True indeed. The old system was widely view as flawed [1] and provided more disincentives than incentives to developers looking to build on brownfields.

The NYLCV's End of Session Wish List [1] lists an updated brownfield program as one of the main environmental priorities that the legislature needs to address.

Click HERE [2] to read the press release from the Governor's office