Search by name, location, service or keyword

Under Review: New York State Department of Environmental Conservation Draft Brownfield Cleanup Program Regulations

April 21, 2022
This has already been an eventful year for stakeholders interested in the New York Brownfield Cleanup Program (BCP). The recently enacted NYS budget included a ten-year extension of the tax credits under the BCP, as detailed in our recent alert. NYSDEC first announced in May 2017 (and then every year since) that it would issue Read More »

Brownfield Cleanup Program Tax Credits Extended for Ten Years

April 13, 2022
Amendments also include a $50K BCP program fee, other changes April 13, 2022 On Saturday, April 9, 2022, New York State Governor Kathy Hochul signed into law a ten-year extension of the tax incentives for the Brownfield Cleanup Program (BCP) as part of the 2022-23 NYS Budget ("Budget"). The BCP's incentives were to sunset for Read More »

Ten-Year Brownfield Cleanup Program, Tax Credit Extender & Other Program Amendments Included in Gov. Hochul’s FY 2023 Executive Budget

January 28, 2022
On January 18, New York Governor Kathy Hochul issued proposed legislation to implement the Governor's Fiscal Year 2023 Executive Budget.  The Transportation, Economic Development, and Environmental Conservation bill included in the Executive Budget would extend the tax incentives available for remediation and redevelopment of contaminated sites under New York's Brownfield Cleanup Program ("BCP") for ten Read More »

Legal Alert: Build Back Better Act Proposal Includes Clean Energy Tax Incentives

November 05, 2021
By: Natalie Hempson-Elliott, Julia Martin & Christy Vouri-Misso The Build Back Better Act package released by Congress last week includes a significant amount of tax benefits for clean energy production. Below is a summary of what we are watching: Extension of the PTC Extends the production tax credit (PTC), which allows energy producers to claim Read More »

Opportunity Zones Series – Better Fit: Actual Business Practices and 10-Year Gain Exclusion on Asset Sales

February 10, 2020
This alert is the third part of the Bousquet Holstein OZ Series that highlights topics in the Opportunity Zones final regulations published in the Federal Register on January 13, 2020. Under the Opportunity Zones program, a taxpayer who has held a qualifying investment in a Qualified Opportunity Fund for at least 10 years may elect Read More »

Opportunity Zones Series: Gains Eligible for OZ Tax Incentives Expand: Section 1231 Property

January 29, 2020
This alert is part of the OZ Series that highlights topics in the Opportunity Zones final regulations published in the Federal Register on January 13, 2020.  One of the changes in the final regulations makes it easier for taxpayers with capital gains from the sale of business property to receive tax benefits under the Opportunity Read More »

Opportunity Zones Series: Final Regulations Enhance Tax Incentive Program

January 22, 2020
In December 2017, the Tax Cuts and Jobs Act of 2017 added the Opportunity Zones program to the Internal Revenue Code. The Opportunity Zones program provides for the deferral and reduction of capital gains tax and possible permanent exclusion from federal income taxation of eligible capital gains. Taxpayers realize these benefits by investing in Qualified Read More »

Governor Proposes Tax Credit Deferral

January 25, 2018
On January 16, Governor Cuomo introduced the New York FY 2019 Executive Budget ("Budget"). The Budget includes a proposal to revive an emergency measure, originally passed in the wake of the Great Recession, which would defer taxpayers' ability to claim certain tax credit amounts. Like the original version, which was passed in 2010, the Governor's Read More »

DEC Issues Revised Regulations Defining Terms for Purposes of the Brownfield Cleanup Program

March 11, 2016
On March 9, 2016, the New York State Department of Environmental Conservation (DEC) issued revised proposed regulations defining terms relating to the Brownfield Cleanup Program (BCP) tax credits for sites located in New York City.  The revisions modify proposed regulations issued last June and discussed in our prior alert.  The revised proposed regulations apparently reflect the DEC's Read More »

DEC Issues Much Anticipated Regulations for Brownfield Cleanup Program

June 10, 2015
On June 9, 2015, the New York State Department of Environmental Conservation (DEC) released proposed regulations that define certain terms for purposes of the Brownfield Cleanup Program (BCP).  These regulations are significant for sites located in New York City and for sites that are applying or have applied to the BCP but have not yet Read More »

Brownfield Tax Credit Alert – Environmental Testing and Monitoring Services Subject to NY Sales and Use Tax

April 23, 2015
A New York appellate court affirmed the state tax department's position that environmental testing and monitoring services are subject to sales tax.  The dispute involved payments made by Exxon Mobil to contractors between 2000 and 2004 for testing and monitoring on properties affected by petroleum spills. The Tax Law distinguishes between services related to maintaining, Read More »

Lawmakers Reach Deal to Reform NYS Brownfield Cleanup Program

April 14, 2015
New York State Governor Andrew Cuomo and the New York State Legislature have agreed to extend and modify the financial incentives under New York's Brownfield Cleanup Program (BCP) as part of the 2015-2016 State budget, which was signed into law on April 13, 2015. Important program changes to the BCP are also included in the Read More »

Brownfield Cleanup Program Changes in the 2015-16 Executive Budget

January 26, 2015
On Wednesday, January 21, Governor Andrew Cuomo released his proposed executive budget for the 2015-16 fiscal year.  As anticipated, the budget bill addresses the Brownfield Cleanup Program (BCP) tax credits in detail.  The BCP credits are scheduled to sunset for sites that do not receive a certificate of completion (CoC) from the NYS Department of Read More »

Governor Cuomo Vetoes Brownfield Cleanup Program Extension

December 31, 2014
On December 29, Governor Andrew Cuomo vetoed a bill that would have extended the deadline until March 31, 2017 for sites in the New York State Brownfield Cleanup Program (BCP) to receive a certificate of completion in order to retain eligibility for state tax credits.  The extender bill passed the Legislature in June.  Click here to Read More »

Changes to New York Estate and Gift Taxes: Will They Affect You?

June 24, 2014
Effective April 1, 2014, New York's rules have changed for estate and gift tax. We have summarized the changes and their potential impact on your estate plan. Click on the document link above to review our full report. Read More »

Brownfield Tax Credit Alert: NYS Legislature Passes 15-Month BCP Extension

June 23, 2014
Both Houses of the New York State Legislature have passed a bill providing for a 15-month extension of the sunset date for tax credits available under the New York Brownfield Cleanup Program (BCP). Under current law, the BCP tax credits are only available to taxpayers who complete their site remediation activities and receive a Certificate of Read More »