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!