Tagged: Tax Credits

New York State Brownfield Developments: Governor Cuomo Vetoes Tax Credit Extension; State Bar Recommends Reforms 0

New York State Brownfield Developments: Governor Cuomo Vetoes Tax Credit Extension; State Bar Recommends Reforms

On December 29, Governor Andrew Cuomo vetoed a bill that would have extended, until March 31, 2017, the deadline for sites in the New York State Brownfield Cleanup Program to finish cleanups in order to qualify for the Program’s tax credits. The current deadline is December 31, 2015. The veto surprised many observers, since the Governor had earlier indicated that he would sign the bill.

Potential Change Coming to NJ’s Economic Opportunity Act 0

Potential Change Coming to NJ’s Economic Opportunity Act

The “New Jersey Economic Opportunity Act of 2013” overhauled New Jersey’s economic development programs. The Act retooled and substantially enhanced the State’s job creation and retention program known as the Grow NJ Assistance Program (Grow NJ), as well as the Economic Redevelopment Growth (ERG) Grant Program, the incentive program that provides gap financing to developers. As we wrote in Commerce magazine, Grow NJ and ERG improve New Jersey’s economic competitiveness with our neighboring states and may be game-changers for businesses and developers. After seeing the programs in action for under a year, the Legislature has revisited the programs to make technical changes and to further enhance NJ’s economic development arsenal.

New Report Considers Options For Tweaking Brownfields Programs in NY 0

New Report Considers Options For Tweaking Brownfields Programs in NY

New York State was among the first to enact programs aimed at remediation and redevelopment of contaminated sites. The goal of such programs is both to promote economic revitalization and to encourage private entities to remediate the state’s contaminated sites. Three such programs, the Voluntary Cleanup Program (“VCP”), the Environmental Restoration Program (ERP), and the Brownfield Cleanup Program (“BCP”), have achieved considerable success, with over 400 sites having been remediated in the past two decades. Nevertheless, policy makers continue to search for ways to make these programs better and more cost efficient. Prompted by the impending expiration of key provisions of the BCP, a report released by the New York State Comptroller’s office in April 2013, provides an assessment of these programs, as well as some options for improvement going forward.

Upcoming Changes to ADA May Impact Landlords 0

Upcoming Changes to ADA May Impact Landlords

For the first time in 20 years, the regulations for accessible design under the Americans with Disabilities Act (ADA) have been revised. Compliance with the new ADA Standards for Accessible Design (ADA Standards) may be required by March 2012. These changes may have significant impact on existing and new leases. The new regulations were enacted on July 23, 2010, and while businesses had the option to start complying with the new standards beginning in September of 2010, mandatory compliance is not required until March 15, 2012.

Expansion of Philadelphia Minimum Wage and Benefit Standards Could Impact Retail and Restaurant Tenants 0

Expansion of Philadelphia Minimum Wage and Benefit Standards Could Impact Retail and Restaurant Tenants

Under a newly enacted City of Philadelphia Ordinance, some tenants in properties developed with financial assistance by the City of Philadelphia may now be required to comply with a minimum wage requirement that is 150% of the federal minimum wage. Benefits provided to full-time employees of tenants may also be impacted.

Port Authority of NY and NJ Tries to Catch the Wind – and its Tax Credits 0

Port Authority of NY and NJ Tries to Catch the Wind – and its Tax Credits

A bill that would add the Port District of the Port Authority of New York and New Jersey to the definition of “wind energy zones” in the newly adopted Offshore Wind Economic Development Act, was reported out of the Senate Budge and Appropriations Committee on September 13, 2010. The amendment would allow tax credits for qualified wind energy facilities in the Port District.

Green or Not to Green, That is the Question?  Whether it is Nobler to Build a Green Building or Suffer the Ignominy of an Ungreen One 0

Green or Not to Green, That is the Question? Whether it is Nobler to Build a Green Building or Suffer the Ignominy of an Ungreen One

With energy costs high and the focus on combating global warming, there is an impetus toward encouraging the development of Green Buildings. Buildings account for 39% of the total energy usage in the U.S., two thirds of the electricity consumption and 1/8 of the water usage. Building codes, setting minimum standards for construction, now include standards for energy efficiency. Green Codes are creeping in.

How Dirty Is Dirty? Court of Appeals Says Even Minimally Contaminated Sites Can Qualify for New York Redevelopment Incentives 0

How Dirty Is Dirty? Court of Appeals Says Even Minimally Contaminated Sites Can Qualify for New York Redevelopment Incentives

The tables were turned in a case decided by the New York Court of Appeals on February 18. In a reversal of their usual roles, an upstate developer argued that its properties were contaminated, while the Department of Environmental Conservation (DEC) argued that the sites did not require remediation. The court agreed with the developer, and the result could mean significant tax credits for potential redevelopers of contaminated sites throughout the state.