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Tax Credits Contaminated Properties

Verrill

The Brownfields Tax Credit

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In August, Governor Healey signed the FY 2024 budget legislation extending for five years until January 1, 2029, the Brownfields Tax Credit that was set to expire at the end of 2023. Consequently, the redevelopment community...more

Goulston & Storrs PC

Reimbursement for Remediation: Massachusetts Brownfields Tax Credits Program Extended

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Today Governor Maura Healy signed legislation extending the eligibility deadlines for the Massachusetts Brownfields tax credits program by five years. The legislation had been included in the budget bill, which had recently...more

Farrell Fritz, P.C.

10 More Years – New York’s Brownfield Cleanup Program Extended

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When New York Governor Kathy Hochul executed the 2022-2023 State Budget, it included a 10-year extension to the State’s Brownfield Cleanup Program (“BCP” or “Program).  The State’s voluntary, incentive-laced, BCP was set to...more

Kramer Levin Naftalis & Frankel LLP

The New York State Brownfield Cleanup Program and Brownfield Opportunity Area Program: Budget Update and Proposed Amendments

Gov. Kathy Hochul released proposed amendments to both the Brownfield Cleanup Program (BCP) and the Brownfield Opportunity Area (BOA) Program this week, in connection with her FY 2023 Executive Budget proposal. The proposal...more

Sullivan & Worcester

Massachusetts Brownfields Tax Credit

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In a bid to rehabilitate the Brownfields Tax Credit ("BTC") application and approval process, the Massachusetts Department of Revenue ("DOR") has issued final regulations (830 CMR 63.38Q.1) and new administrative procedures...more

Goulston & Storrs PC

New Massachusetts Brownfields Tax Credits Regulations Just Released

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The Massachusetts Department of Revenue (DOR) issued final regulations effective July 9, 2021 (the Regulations) that are intended to aid in the implementation of the Massachusetts Brownfields Tax Credits program, which was...more

Kramer Levin Naftalis & Frankel LLP

The New York State Brownfield Cleanup Program: Budget Updates and Looking Ahead to an Extension

Governor Cuomo’s FY 2022 Budget provides relief to participants in the New York State Brownfield Cleanup Program (BCP) that risk losing their Tangible Property Tax Credit due to pandemic-related and other delays....more

Bowditch & Dewey

Governor Baker Extends the Brownfields Tax Credit Program Until 2023

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The Brownfields Tax Credit program was due to expire on August 5, 2018. However, on May 31, 2018, Governor Baker signed the Housing Bond Bill, H4536, which, among other things, extended the Brownfields Tax Credit program for...more

Beveridge & Diamond PC

Case Closed: Nonprofits Eligible for Brownfields Tax Credits for Pre-2006 Cleanups

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Massachusetts’ top court has given finality to a 2017 ruling by the Massachusetts Appeals Court that nonprofits are eligible for transferrable brownfields tax credits for remediation conducted prior to 2006. By denying...more

Goulston & Storrs PC

Are You Getting All of Your Brownfields Tax Credits?

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While Massachusetts first created a Brownfields tax credit in 1998 to encourage the redevelopment of Brownfields sites, until recently, this very useful tax credit was in danger of becoming history. ...more

Beveridge & Diamond PC

Nonprofit Universities Eligibility for Brownfields Tax Credits, Massachusetts Appeals Court Confirms

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Nonprofits are eligible for transferrable Brownfields tax credits for remediation conducted prior to 2006 according to a recent ruling by the Massachusetts Appeals Court. As we previously reported in March 2016, the...more

Holland & Knight LLP

CT Creates New Brownfields Program, Adopts Brownfields Tax Credit

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Buried in an 881-page budget bill passed Thursday by the Connecticut General Assembly was a new program to support remediation and reuse of brownfields – properties long contaminated and underutilized – as well as new job...more

Miller Canfield

Transformational Brownfield Projects Eligible for Substantial Tax Incentives Under Recently Enacted Legislation

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Brownfield redevelopment authorities and developers and owners of transformational brownfield redevelopment projects are eligible for substantial tax incentives under legislation signed by Governor Snyder on June 8, 2017. ...more

McDermott Will & Emery

Seeing Green: New York’s Reformed Brownfields Cleanup Program Creates Opportunities for Redevelopment to Generate Refundable Tax...

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Now is the time to begin brownfield redevelopment projects in the State of New York. Reauthorization of and reforms to New York’s Brownfields Cleanup Program, which provides tax credits to redevelop contaminated properties,...more

Locke Lord LLP

Locke Lord QuickStudy: The New York Legislature Ends The Guessing - Brownfield Tax Credits Extended And Modified

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On April 1, 2015, the New York Legislature passed a budget bill for fiscal year 2015-2016, which included numerous amendments (the Amendments) to the Brownfield Cleanup Program (BCP), a state program designed to incentivize...more

Clark Hill PLC

Client Alert: Colorado Bill S.B. 73 Establishes Income Tax Credit for Cleanup of Contaminated Brownfield Sites

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As a lawyer in Colorado focusing a large part of my practice on environmental due diligence including Brownfield sites, I had the great pleasure of participating in the drafting of Senate Bill 73, which was signed into law by...more

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