New Life for the New York Brownfield Redevelopment Credit

Kenneth Laks, CPA, MST

New York's Brownfield Cleanup Program was initiated over a decade ago to encourage private enterprise to redevelop contaminated properties and revitalize their surrounding communities. The program was recently extended, providing greater certainty that the incentives will continue to exist in the future, albeit at a lower level. Financial advisors of taxpayers with qualifying property should become familiar with the new requirements and engage the services of engineering consultants to maximize the potential tax benefits.