Client Alert

New York State Green Buildings Tax Credit

June 01, 2001

David Freeman and Robert Wegman

The New York State Department of Environmental Conservation has proposed regulations that will establish procedures and technical requirements for receiving tax credits under the New York State Green Buildings Tax Credit Statute. This legislation, passed in May 2000, establishes $25 million in credits to offset some of the costs building owners and tenants incur to implement "green" measures that use environmentally preferable building materials, increase energy efficiency, decrease pollutants and improve the health and quality of life for building occupants. The proposed regulations are currently available for review during an informal public comment period, after which NYSDEC will publish them in the New York State Register. NYSDEC will promulgate final regulations following the formal comment period.

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