Bill > A08630

This bill incentivizes projects on certain Brownfield sites (previously contaminated or environmentally challenged properties) by enhancing tax credits and establishing new criteria for qualifying project sites. Specifically, the bill modifies existing tax law to increase the tangible property credit component for qualified sites, with a new provision allowing up to seventy million dollars in credits for qualified project sites located in smaller cities (with populations under 100,000). To qualify, these project sites must meet several detailed requirements, including: being partially located in environmental zones or disadvantaged communities, having proximity to public transportation, including affordable housing units (either 25% of residential units or a sliding scale based on project size), meeting a total project value threshold of $250 million, and receiving approval from the Department of Environmental Conservation. The bill also introduces prevailing wage requirements for site remediation work, with some exceptions for project labor agreements, and increases the maximum cleanup credit percentage from fifty to seventy-five percent. These changes aim to encourage redevelopment of brownfield sites by providing more substantial financial incentives and establishing comprehensive development criteria that promote affordable housing, public transportation accessibility, and environmental remediation.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A8630