New York State’s Brownfield Cleanup Tax Credits Hemorrhaging Money
ALBANY, NY (02/01/2012)—In response to the New York State Department of Taxation and Finance’s release today of the resources squandered by tax credits for the state’s Brownfield Cleanup Program, Environmental Advocates NY released the following statement, attributable to Alison Jenkins, Fiscal Policy Program Director:
“Governor Cuomo and the New York State Legislature need to put a tourniquet on the state’s Brownfield Cleanup Program to stop the flow of gushing tax credits. New York cut checks for $280 million in 2011 alone, and about $745 million during the last four years, overcompensating developers during years of painful budget cuts and fiscal austerity. Tax credits for the state’s Brownfield Cleanup Program now amount to a shot in the gut, and before real estate developers bleed the state dry, these incentives need to be fixed.”
In 2011, Environmental Advocates NY released its most recent investigation into the state’s misspent brownfield tax credits.