by Kenneth Laks, CPA Journal
New York’s Brownfield Cleanup Program was initiated over a decade ago to encourage private enterprise to redevelop contaminated properties and revitalize their surrounding communities. The program was recently extended, providing greater certainty that the incentives will continue to exist in the future, albeit at a lower level. Financial advisors of taxpayers with qualifying property should become familiar with the new requirements and engage the services of engineering consultants to maximize the potential tax benefits.
In April 2015, New York passed its annual budget, which included a 10-year extension of the Brownfield Cleanup Program. The state tax credits available for developers who clean up and build on contaminated sites were supposed to expire at the end of 2015, but now have the necessary funding to continue.
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