Brownfield redevelopment tax credit (Articles 9, 9-A, 22, and 33)

Several amendments were made to the brownfield redevelopment tax credit.

The credit was extended for sites accepted into the Brownfield Cleanup Program prior to January 1, 2033 that have received a Certificate of Completion (COC) prior to January 1, 2037.

The period to claim the on-site groundwater remediation credit component has been extended to seven years after the COC was issued for qualified sites issued a COC on or after July 1, 2015, but on or before June 24, 2021.

The period to claim the tangible property component has been extended to 15 years after the COC was issued for qualified sites issued a COC on or after March 20, 2010, but before December 31, 2015.

The period to claim the site preparation credit component has been extended to seven years after the COC was issued for qualified sites issued a COC on or after July 1, 2015, but on or before June 24, 2021.

Site preparation costs for a site issued a notice of acceptance on or after July 1, 2015, but on or before June 24, 2021, includes all costs paid or incurred within 84 months after the last day of the tax year in which the COC is issued.

Starting in tax year 2022 , stadiums, baseball parks, basketball courts, and other athletic facilities are considered buildings provided they comply with track 1 remediation standards [as defined in NY-CRR section 375-3.8(e)(1)]. Components of such sites (including sports field turf, site lighting, sidewalks, access and entry ways, and other improvements added to land) are considered structural components of buildings under the Internal Revenue Code and are included in the definition of tangible property for the purposes of this section.

Adds two new designations eligible for an increased tangible property credit components for sites accepted into the Brownfield Cleanup Program on or after January 1, 2023. A disadvantaged community as defined in Environmental Conservation Law section 27-1405 A renewable energy facility as defined in Environmental Conservation Law section 27-1405

For more information, see Brownfield redevelopment tax credit .

[Part LL of Chapter 58 of the Laws of 2022; Tax Law §§ 21, 187-g, 210-B(17), 606(dd), and 1511(u)]