[CPEO-BIF] More on New York brownfields reform

["Robert Hersh" <b_hersh@verizon.net>]

Developers cash in on tax breaks for pollution cleanup from Pataki
administration  
  
Times Union
Albany, NY

BRIAN NEARING 
June 10, 2007 
 
Albany, NY In its final days, the Pataki administration gave high-profile
developers millions of dollars in tax breaks for pollution cleanup to
convert tainted land into lucrative real estate.
   
While the tax incentives for brownfield cleanup have been a magnet for major
developers, state officials say the program could cost much more than
expected without major changes and that too many of the breaks are being
used to erect high-end buildings rather than clean the sites they're on.

Critics fear the tax deals are not being used effectively for their prime
intent: to convert polluted sites in poor neighborhoods to industrial,
commercial and residential space.

In adopting the program in 2003, the state offered very attractive financial
incentives: tax credits for 10 to 22 percent of the cost of cleaning and --
what turned out to be even more important -- all new construction without
limitation. Property-tax credits are also offered for 10 years...Now the
brownfield bill is coming due. Some are wondering whether taxpayers can
afford it -- and whether those who need help the least are benefiting the
most as they conduct relatively easy and inexpensive cleanups.

For the entire article, see:

http://timesunion.com/AspStories/story.asp?storyID=596668&category=FRONTPG&B
CCode=HOME&newsdate=6/10/2007

Bob Hersh
CPEO

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