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WHY GIVE MONEY BACK? The Massachusetts Brownfields Act was passed in 1998 to encourage and provide an incentive for the cleanup of contaminated sites, sometimes known as Brownfield sites. Brownfields are defined by EPA as property where expansion, redevelopment, or reuse is complicated by real or perceived environmental contamination. The Act recognizes that society benefits when contamination is reduced and property is restored to productive use, often creating or maintaining jobs. The Brownfields program results in both economic development and a cleaner environment for citizens. For these reasons, Massachusetts allows Brownfields Tax Credits in addition to other cost recovery programs, such as 21J for gasoline service stations, or the federal Brownfield Tax Incentive Program, which allows spending on qualified sites to be fully deducted in the year incurred. Parties who have already received funding or special treatment from the Commonwealth of Massachusetts through the Brownfields Redevelopment Fund (BRF) or the Brownfields Redevelopment Access to Capital (BRAC) Program may also be eligible for the Brownfields Tax Credit although limitations may apply. Recent changes expanded the program to allow credits to be transferred or sold. Thus, even not-for-profit organizations or taxpayers with limited tax liability can benefit from this program by selling all or a portion of their credits. |
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Contact: James T. Curtis, P.E., LSP Executive Vice President Cooperstown Environmental LLC PO Box 4232 Andover, MA 01810-0814 Jim@CooperstownEnv.com www.CooperstownEnv.com Tel: (978) 470-4755 Fax: (978) 470-4756 Download: Eligibility Questionnaire (pdf 911 KB) |
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