Bill > S07964

This bill incentivizes development projects on certain brownfield sites (previously contaminated or environmentally compromised properties) through enhanced tax credits by modifying existing tax and environmental conservation laws. Specifically, the bill increases the tangible property tax credit for qualified project sites from 35 million dollars to 70 million dollars, with new eligibility criteria that include: being located in a smaller city (under 100,000 population), having at least 50% of the site in an environmental zone or disadvantaged community, proximity to public transportation, and including affordable housing or office space components. The bill also requires projects to meet certain affordability standards, such as having 25% of residential units be affordable or including a specific number of affordable units relative to office space. Additionally, for sites seeking brownfield cleanup certification, the maximum site preparation and groundwater remediation credit is increased from 50% to 75%. The bill includes provisions for prevailing wage requirements for site remediation work, with some exceptions for project labor agreements. These changes aim to encourage redevelopment of environmentally challenged sites while promoting affordable housing and economic development in smaller communities.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S7964