[CPEO-BIF] New York state law

[Lenny Siegel <lennysiegel@gmail.com>]

New Law Turns Brown Into Green for New York State

By J. ALEX TARQUINIO
New York Times
July 23, 2008


Gov. 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
<lsiegel@cpeo.org>
http://www.cpeo.org



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