New York State Passes Landmark Green Roof Tax Incentive - Building owners in NYC and other cities will be eligible for up to $100,000 in green roof investment

By damageva on Jul 1, 2008 | In Air, Water, Energy, Climate Change GHG Carbon CO2, Green Buildings, New York State, Real Estate Construction Housing, Preservation & Open Space, Green Roofs, Regulatory Analysis, Research Institute NGO NonProfit, Costs and Benefits, Press Release (May be biased), Wastewater | Send feedback »

Link: http://www.greenroofs.org/pdf/GRHC_NYtaxcredit.pdf

On June 24, 2008, New York State became the first North American jurisdiction to institute major tax increment financing program for green roof infrastructure.

“This is a watershed moment for the green roof industry,” said Steven W. Peck, President of Green Roofs for Healthy Cities, “It recognizes the significant public benefits of green roofs in areas such as stormwater management, cooling cities, saving energy, cleaning the air and beautify our rooftops.”

Under the new legislation, building owners in New York state cities with a population of one-millionplus will receive a tax credit equal to US $4.50 per square-foot when they install a green roof. This figure is the equivalent of approximately 25 per cent of the costs such as materials, labor, installation and design typically associated with the building of a green roof.

To be eligible for a one-year property tax credit of up to $100,000, a building owner’s green roof must have at least two inches of growing media and cover at least 50 per cent of available rooftop space.

This legislation, sponsored by Assemblyman Ruben Diaz Jr., is the result of years of effort of the Storm Water Infrastructure Matters, a coalition of more than 50 green building and community organizations in the New York area dedicated to ensuring fishable and swimmable waters around New York through natural, sustainable storm water management practices.

“This tax abatement will act as an economic stimulus by creating living wage green-collar jobs that are pathways out of poverty,” said Rob Crauderueff, Director of Sustainable Policy at Sustainable South Bronx and chair of the Storm Water Infrastructure Matters (S.W.I.M.) policy committee. Find out more about the S.W.I.M. Coalition at: http://www.swimmablenyc.info.

“Congratulations to SWIM Coalition members, Assemblyman Diaz Jr., and the many forward-thinking policymakers, researchers and industry professionals that made this happen,” added Peck. “It is our hope that this move will seriously inspire other jurisdictions to follow suit.

Green Roofs for Healthy Cities – North America, Inc. was founded in 1999 as a small network of public and private organizations and is now a rapidly growing 501(c)(6), not-for-profit industry association for green roof experts in North America. Their mission is to increase the awareness of the economic, social and environmental benefits of green roofs and green walls, and other forms of living architecture through education, advocacy, professionalism and celebrations of excellence.

Green Roofs for Healthy Citys www.greenroofs.org
http://www.greenroofs.org/pdf/GRHC_NYtaxcredit.pdf
Press Release dated June 27, 2008