Brownfield Credit Report - Calendar Year 2010
Chapter 390 of the Laws of 2008 requires the Tax Department to produce a Brownfield Credit Report1 by January 31st of each year. The mandate requires the Department to include the name of each taxpayer claiming the brownfield redevelopment tax credit, the remediated brownfield credit for real property taxes, or the environmental remediation credit, the amount of credit earned, and information identifying the brownfield project generating the credit. The Tax Department is also authorized to include any other information that it deems useful in analyzing the effects of the program.
In instances where the credit is earned by a pass-through entity such as a limited liability company (LLC), a partnership, or an S corporation, information will only be reported for the entity; names of individual members of the LLC, partners, or S corp shareholders will not be reported. Because the credit is fully refundable, the amount of credit earned is equal to the impact on the state financial plan.
Data for the report come directly from returns filed in the previous calendar year. Therefore, several caveats are in order:
- The data appear exactly as reported by the taxpayer. No validations or error corrections were performed by the Department.
- Likewise, the information represents the taxpayer's position on the return as filed and does not reflect any adjustments made either during return processing or in the course of an audit.
- Reporting is limited to the entity earning credit as determined by the credit forms filed with the tax return.
- The report covers returns received by the Tax Department during the period of January 1, 2010 through December 31, 2010. Generally, this period covers the 2009 tax year. However, as a result of statutorily-permitted filing extensions and differing fiscal years, some returns for tax years prior to 2009 could be filed in 2010 and some 2009 tax year returns will not be filed until 2011.
- Amounts from claims filed prior to 2008 are not included in this report.
- Amounts do not necessarily represent finished projects. Some of these projects may be works-in-progress. The clean-up components are available for 5 years and the property component is available for 10 years. The real property tax credit is available for 10 years.
1 Section 171-r of the Tax Law