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CURRENT OPPORTUNITIES
NYSDEC Considering Significant Changes to Part 375 Regulations Which Could Affect Brownfields
New York’s Part 375 regulations apply to Environmental Remediation Programs, including the Brownfield Cleanup Program (BCP) which is intended to provide incentives for remediation and reuse of environmentally-distressed properties. Unfortunately, the proposed changes will further complicate the BCP and could be a disincentive to potential participants. Some interesting proposed changes are as follows:
Increased documentation requirements to obtain a Certificate of Completion (CoC); Limits the definition of cover systems which could result in a decrease in realized tax credits; Adds additional requirements for receipt of Tangible Property Tax Credits including a provision for demonstration of “economic hardship” in some markets; Shifts the burden of a Potential Responsible Party (PRP) search to the Volunteer.Changes to the Environmental Restoration Program, which is designed to help municipalities address brownfield sites, are also being contemplated. Stay tuned!