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Legislative Memo

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BILL:

S.8480A (Marcellino)

  Support

SUBJECT:

Brownfield Tax credits

 

S.8480-A (Marcellino)

DATE:

June 18, 2008

 

The Business Council supports this legislation, which addresses one of our most significant objectives – clarifying and maintaining broad eligibility for the state's brownfield program. The bill also allows an alternative approach to brownfield project review and approval, though authorized municipal brownfield programs.

The bill also makes several improvements to the program's administrative processes, by reducing charges for Departmental oversight for some projects, and by adopting the Uniform Environmental, which would bring New York's environmental easement requirements in line with those adopted by more than 20 other states.

The following provisions are of particular importance to Business Council members:

In summary, this bill addresses several key program reform issues for the state's business and development community.  It maintains broad program eligibility and avoids imposing a “but for” test that would impose significant uncertainty on the availability of investment tax credits.

On balance, this legislation represents positive program reforms, and The Business Council recommends approval of S.8480A.