at the Citizen Power Alliance 2010 Wind Conference
Focus on cleanup efforts
|ALBANY - To help jump-start redevelopment projects across the state, Gov. David A. Paterson signed a law yesterday that reforms the state's Brownfield Cleanup Program. The legislation caps redevelopment tax credits and increases incentives for the cleanup of affected areas.|
While the Brownfield Cleanup Program was created in 2003 to encourage developers to rehab polluted properties, the original tax credit program was based on the amount invested instead of remediation.
"We will now be able to break down barriers to economic development in struggling neighborhoods across New York," Paterson said. "Our goal should be for every former industrial site in New York State to be returned to safe and productive use."
The former program provided tax credits of 10 to 22 percent of the cost of cleanup and redevelopment. Now the credits are capped at $35 million for nonmanufacturing projects, or three times the cost of cleanup, and $45 million for manufacturing projects, or six times the cost of cleanup.
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