Green building practises are being pushed in New York, as they are in many other states. The state is doing this by giving tax credits as a way to get people to pay more taxes.
The Green Building Initiative of New York
The idea of "green building" is not very old. It came about when people learned more about how buildings affect people and the environment. Green buildings should be made with energy that doesn't pollute, materials that can be recycled, and systems that keep harmful things from getting into the air or water. These buildings are very good for the environment. They give workers a healthier place to work and reduce heat and pollution in places like New York City where there are a lot of buildings and people living close together.
Even though building in a green way is a good idea, our country is based on capitalism. If green building doesn't save money, no builder will do it because their competitors will be able to undercut them on price. The New York Green Building Initiative helps with this.
The Initiative takes care of the cost of building green by creating financial incentives to encourage the process. Tax credits are given to developers who build in a green way. The state is one of the first in the country to have a system like this, which is a big plus. Tax credits are better than other kinds of incentives because they help people pay less tax. Tax credits are used to lower the amount of tax that needs to be paid. This is different from tax deductions, which are taken off of the total amount of income. For example, if a developer owes $5 million in taxes and gets a $2 million tax credit, it only has to pay $3 million in taxes.
The New York Green Building Initiative gives builders tax credits worth up to $2 million if they use green building techniques. The programme will run through 2014. The New York State Department of Environmental Conservation is in charge of the Initiative. They can tell you more about the programme and how to apply.
The New York Green Building Initiative is a step in the right direction toward realising that people have an effect on the environment. New York is the leader in green building because it gives tax credits to builders who use better methods.
