Brownfield Credit Report - Calendar Year 2011
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.
1 Section 171-r of the Tax Law