In our most recent post, we discussed the change in the credits allowed to brownfield developers under the new statute. We now turn our attention to monitoring requirements and the reporting thereof, and other aspects of the new law. To aid in the monitoring the brownfield program, the amendments introduce several distinct reporting requirements:
On July 23, 2008, Governor David Paterson signed Brownfield Reform Legislation to amend New York State's taxation and environmental conservation laws. These amendments seek to remedy previous problems with the State's law concerning the redevelopment tax credits allowed under the program, and to create oversight programs to monitor the program where none existed before.