New York State's Brownfield Cleanup Tax Credits Hemorrhaging Money

ALBANY, NY (02/01/2012)(readMedia)-- 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 of New York 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 of New York released its most recent investigation into the state's misspent brownfield tax credits.

Environmental Advocates of New York's mission is to protect our air, land, water and wildlife and the health of all New Yorkers. Based in Albany, we monitor state government, evaluate proposed laws and champion policies and practices that will ensure the responsible stewardship of our shared environment. We work to support and strengthen the efforts of New York's environmental community and to make our state a national leader. Visit www.eany.org to learn more.