Summary
This bill incrementally increases the amount of funds deposited in the Environmental Protection Fund (EPF) from the Real Estate Transfer Tax (RETT), from $212 million in fiscal year 2007-2008, to $237 million in fiscal year 2008-2009, and $287 million in fiscal year 2009-2010 and each fiscal year thereafter. The bill also provides for quarterly financial reports regarding the status of the EPF.

Explanation
Created in 1993, the EPF is a dedicated funding source for capital programs that, among other things, protect the quality of New York’s air and water, preserve open space and farmland, establish parks, aid in local water front revitalization, implement municipal solid waste and recycling programs, and fund public health initiatives such as breast cancer research.  From its inception, EPF funded programs have enjoyed considerable success; unfortunately the demand for EPF money for critical environmental projects far exceeds the amount of available funds. The estimated demand for EPF dollars over the next decade is measured in the billions. Because of sprawling development and sky-rocketing real estate values in the state deposits to the RETT have grown exponentially, therefore increased deposits in the EPF from the RETT are in order. 

New York State has long been recognized as a leader in environmental preservation and protection.  Action is needed now to ensure that our state’s rich environmental legacy continues long into the future. While Environmental Advocates strongly supports an expanded Returnable Beverage Container Law and the use of unclaimed bottle deposits as a means of increasing the EPF, the enhancement of the EPF provided by this bill is still required if we hope to meet the environmental community’s goal of a $500 million EPF by 2010. This bill is an important step in establishing an EPF that will be sufficient to meet the state’s environmental needs in this decade and decades to come.

Environmental Advocates of New York strongly supports this bill.