Remediated brownfield credit for real property taxes
You must be accepted into the Brownfield Cleanup Program prior to July 1, 2015, to qualify for this credit.
Who is eligible?
You're entitled to this refundable credit if you or your business is a developer. A developer is a taxpayer who:
- executed a Brownfield Cleanup Agreement (BCA) prior to July 1, 2015, under the Environmental Conservation Law (ECL) and has a Certificate of Completion (COC) issued by the Commissioner of Environmental Conservation; or
- purchased or otherwise was conveyed all or any portion of a qualified site for which a COC has been issued, with the purchase or conveyance having occurred within seven years of the effective date of the COC.
How much is the credit?
- The credit amount is 25% of the product of the benefit period factor, the employment number factor, and the eligible real property taxes paid or incurred by the developer of the qualified site during the tax year.
Note: For a qualified site that is located entirely within an environmental zone (EN-Zone), the credit amount is 100% of the above product.
- The credit amount is limited to the product of $10,000 and the average number of full-time employees employed by the developer of a qualified site and a lessee during the tax year.
Note: No credit is allowed when the average number of full-time employees is fewer than 25.
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 Remediated brownfield credit for real property taxes recordkeeping requirements for more information on the recordkeeping requirements for this credit.
- Form CT-612, Claim for Remediated Brownfield Credit For Real Property Taxes, and its instructions, Form CT-612-I (for corporations); or
- Form IT-612, Claim for Remediated Brownfield Credit For Real Property Taxes, and its instructions, Form IT-612-I (for all others).
To learn about other New York State tax credits available to businesses, see Business incentives.