Environmental remediation insurance credit
You must be accepted into the Brownfield Cleanup Program (BCP) prior to July 1, 2015, to qualify for this credit.
For more information about the BCP and how to apply, visit DEC: Brownfield Cleanup Program.
Who is eligible?
You are entitled to this refundable credit if you or your business:
- executed a Brownfield Cleanup Agreement (BCA) prior to July 1, 2015, under the Environmental Conservation Law (ECL),
- has a Certificate of Completion (COC) issued by the Commissioner of Environmental Conservation for the qualified site for which eligible insurance premiums were paid, and
- has a certification form issued by your insurer, certifying the insurance coverages qualify for the credit.
Note: The credit is allowed only once in regard to a particular COC.
How much is the credit?
The credit amount is the lesser of 50% of the eligible premiums paid by the taxpayer on or after the date of execution of the BCA executed by the taxpayer and Department of Environmental Conservation (DEC) or $30,000.
What are the recordkeeping requirements?
Taxpayers must prove entitlement to tax credits. During the course of an audit, you may be required to provide documentation to substantiate entitlement based on the specific facts of your tax credit claim. See Environmental remediation insurance credit recordkeeping requirements for more information on the recordkeeping requirements for this credit.
- Form CT-613, Claim for Environmental Remediation Insurance Credit, and its instructions (for corporations)
- Form IT-613, Claim for Environmental Remediation Insurance Credit, and its instructions (for all others)
To learn about other New York State tax credits available to businesses, see Business incentives.