Publications

The Gowanus Neighborhood Mixed Income Housing Development Program offers real property tax abatement for affordable housing projects located in the Special Gowanus Mixed Use District, an 82-block former industrial area along the Gowanus Canal in Brooklyn, New York.  The Program addresses the uncertainty arising from the sunset of Section 421-a(16) of the New York Real Read More »

On May 12, 2023, the IRS released Notice 2023-38, Domestic Content Bonus Credit Guidance for owners of green energy projects, such as wind, solar and energy storage technologies. The Notice provides guidance on the Inflation Reduction Act of 2022 (IRA), which provided for an increased credit amount under Internal Revenue Code Sections ("Section") 45, 45Y, Read More »

When Is a Brownfield Site Not a Brownfield Site? On April 4, 2023, the IRS released Notice 2023-29, Energy Community Bonus Credit Amounts under the Inflation Reduction Act of 2022. The Notice provides guidance on the Inflation Reduction Act of 2022 (IRA), which provided for an increased credit amount under Internal Revenue Code Sections ("Section") Read More »

On February 14, 2023, the IRS released Notice 2023-17, Initial Guidance Establishing Program to Allocate Environmental Justice Solar and Wind Capacity Limitation Under Section 48(e). The Notice provides guidance on the Inflation Reduction Act of 2022 (IRA), which allocated solar and wind facilities an additional 10% of energy tax credits if located in low-income communities Read More »

The IRS released Notice 2022-61, Prevailing Wage and Apprenticeship Initial Guidance Under Section 45(b)(6)(B)(ii) and Other Substantially Similar Provisions last week. Under the Inflation Reduction Act of 2022 (the "Act"), one of the ways that certain tax credits for clean energy can be increased, including increasing the Energy Credit from 6% to 30%, is if Read More »

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 »

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 »

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 »

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 »

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 »

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 »

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 »

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 »

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 »

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 »

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 »

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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 »

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 »

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 »

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