|From:||Lenny Siegel <email@example.com>|
|Date:||Wed, 23 Jul 2008 21:51:25 -0700 (PDT)|
|Subject:||[CPEO-BIF] New York state law|
New Law Turns Brown Into Green for New York State By J. ALEX TARQUINIO New York Times July 23, 2008Gov. David A. Paterson plans to sign a bill into law on Wednesday that will significantly alter New York State’s program to encourage the redevelopment of polluted building sites, known as brownfields.
The measure is intended to reward developers for undertaking particularly demanding environmental cleanups, while imposing tighter controls on the tax breaks given for the structures to be built on a site.
This addresses a criticism of the current program — that it seemed on the verge of providing a tidal wave of taxpayer money to a handful of developers of big expensive projects.
Under the existing brownfield law, passed in 2003, there was no cap on the amount of tax credits that might accrue to a project. And these credits were based on the total price of the final development, not just the cost of cleaning up existing environmental messes.
... For the entire article, see http://www.nytimes.com/2008/07/23/realestate/commercial/23brown.html?_r=1&ref=business&oref=slogin -- Lenny Siegel Executive Director, Center for Public Environmental Oversight a project of the Pacific Studies Center 278-A Hope St., Mountain View, CA 94041 Voice: 650/961-8918 or 650/969-1545 Fax: 650/961-8918 <firstname.lastname@example.org> http://www.cpeo.org _______________________________________________ Brownfields mailing list Brownfields@lists.cpeo.org http://lists.cpeo.org/listinfo.cgi/brownfields-cpeo.org
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