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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. Even parties who received funding or benefits from the Commonwealth's Mass Development via the Brownfields Redevelopment Fund (BRF) or benefited from the Brownfields Redevelopment Access to Capital (BRAC) Program to subsidize the purchase of environmental insurance may also be eligible for the Brownfields Tax Credit although limitations may apply.
Program changes in 2006 greatly enhanced this tax credit program by allowing the 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, resulting in cash.
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Contact:
James T. Curtis, P.E., LSP President
Cooperstown Environmental LLC
23 Main Street
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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