Bill > A03915

This bill extends tax credits for brownfield redevelopment and remediation for a specific site located in the Renaissance Commerce Park in Lackawanna, Erie County, New York. Brownfields are properties where environmental contamination might complicate redevelopment. The bill applies to sites that: (1) had a brownfield cleanup agreement with the Department of Environmental Conservation before June 23, 2008, (2) received a certificate of completion by December 31, 2017, and (3) have not yet had property placed in service. The legislation allows three key tax credit components: site preparation, on-site groundwater remediation, and tangible property credits. These credits can be claimed for periods ranging from seven to ten years, with a critical deadline that all improvements must be placed in service by the 2036 tax year. Additionally, the bill permits developers who purchase or acquire portions of the site from the original certificate holder to claim tax credits for remediated brownfields, also subject to the 2036 tax year deadline. The purpose is to incentivize environmental cleanup and economic redevelopment of formerly contaminated industrial sites by providing extended tax benefits to developers willing to invest in such properties.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A3915