Bill > S00858

This bill extends tax credits for brownfield redevelopment at a specific site within the Renaissance Commerce Park in Lackawanna, Erie County, New York. A brownfield is a property where previous industrial or commercial use has potentially contaminated the land, making it complicated to redevelop. The bill allows sites that entered into a brownfield cleanup agreement with the Department of Environmental Conservation before June 23, 2008, received a certificate of completion by December 31, 2017, and have not yet placed property in service, to be eligible for several tax credits. These include site preparation, on-site groundwater remediation, and tangible property credits, which can be claimed for specified periods (up to seven or ten years) and must begin no later than the 2036 tax year. Additionally, the bill permits developers who purchase or acquire portions of such a site from parties with a certificate of completion to claim tax credits for remediated brownfields, with the purchase or conveyance occurring no later than the 2036 tax year. The act is designed to incentivize the cleanup and redevelopment of potentially contaminated industrial sites by providing financial benefits to developers who undertake environmental remediation and new construction.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S858