NY Lawmakers Extend Brownfields Credits, a Bonanza for Developers

"ALBANY -- Before going home for the summer last week, state lawmakers quietly added nine more months of life to a pollution cleanup program that has turned into a billion-dollar cookie jar for affluent developers."

"Last week, both the Assembly and Senate voted to extend the Brownfield Cleanup Program, and its lucrative system of tax credits, to run through December 2015 rather than expiring as previously planned in March 2015.

The credits have cost taxpayers more than $1 billion since 2006, with critics saying too much of that money has gone to subsidize high-end building projects while too little is being used for actual cleanups -- especially in poor neighborhoods ravaged by industrial pollution."

Brian Nearing reports for the Albany Times Union June 30, 2012.
 

Source: Albany Times Union, 07/03/2012