[CPEO-BIF] Industry Sues New York for Brownfields Tax Credits

[Lenny Siegel <lennysiegel@gmail.com>]

Industry Sues New York for Its Money, Now

By MARLENE KENNEDY
Courthouse News Service
August 16, 2012

ALBANY, N.Y. (CN) - Financially stressed New York illegally deferred  
$87 million in brownfields tax credits to a company that cleaned up a  
polluted industrial site, the company claims in court.

Empire Gen Holdings and Empire Generating Co. sued New York and its  
governor in Albany County Supreme Court, challenging Chapter 57 of  
the Laws of 2010, which amended Sections 33 and 34 of the state tax  
law (the deferral provisions).

"The deferral provisions are fundamentally unfair, unlawful and  
unconstitutional," Empire Gen says, citing the due process, equal  
protection and contracts clauses of the state and U.S. Constitutions.  
"In fact, the deferral provisions serve to discourage additional  
investment within New York State."

...

For the entire article, see
http://www.courthousenews.com/2012/08/16/49355.htm

--

Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope Street, 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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