[CPEO-BIF] NY ---Spitzer proposes Bf reforms

[bobh@np.craigslist.org]

I've been unable to find the text of Gov. Spitzer's BF legislation, but the press
release below outlines some of the key points, one of which is increased funding
for more rigorous cleanups. Could any of our subscribers comment on the proposed
legislation? Please send your comments to the listserv.

Thanks

Bob


BROWNFIELDS BILL KEY TO ECONOMIC REVITALIZATION
Goal is to Focus Tax Dollars on Brownfields Clean-up

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Governor Eliot Spitzer today proposed legislation that would restructure and
improve the state?s brownfields program. If adopted by the State Legislature, it
would redirect state tax dollars to provide real incentives for cleanups of
brownfields development sites in order to create ?shovel ready? land across the
state for development purposes.

...The Brownfields 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.
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.
Current law provides that a percentage of the total development costs beyond
remediation be paid to parties for development of brownfields sites and thus the
existing cost of the program has significantly exceeded original projections.

?An effective brownfields program is essential to rebuilding blighted areas and
revitalizing Upstate cities,? said Governor Spitzer. ?This proposal will revitalize
a lagging state program by increasing the amount of funds available for site
remediation and re-development. The current law contains no protections to ensure
that the funds directed toward economic development are wisely used or bear any
relationship to the number of jobs created, leaving the state with an open-ended
liability while failing to achieve the law?s intent of cleaning up contaminated
sites.?

For the entire article, see:
http://www.ny.gov/governor/press/0605073.html

Bob Hersh
CPEO



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