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Brownfields Tax Credits Aid in Massachusetts Development

[fa icon="calendar"] Nov 8, 2013 2:53:00 PM / by Warren Kirshenbaum

     The LSP Association (LSPA) is the non-profit, professional society for Licensed Site Professionals (LSPs), the environmental consultants licensed by the Commonwealth to oversee the investigation and remediation of hazardous waste sites in Massachusetts, and for other professionals involved in these activities. We work to help our nearly 1,000 members achieve and maintain high standards of practice in overseeing the assessment and remediation of hazardous waste disposal sites. Our members work with their commercial and industrial clients to remediate contaminated sites, often in economically distressed areas, so these properties can be placed back into active and productive use.

      We write to urge CPAT to consider the positive economic development and public health impacts of the Brownfields Tax Credit, and to expeditiously recommend continuance beyond its current expiration date of August 5, 2013.

      Since 1998, the Brownfields Tax Credit has been providing liability relief and financial incentives to investors and developers, and encouraging parties to clean up and redevelop contaminated areas. This Act continues to attract new investment in properties that might otherwise be tied up in litigation and financial woes, while ensuring that the Commonwealth's high public health, safety, and environmental standards are met.

      The Brownfields Tax Credit program has worked. Sites that would otherwise have been dormant, or worse, have become useful again. The social and economic benefits of this transformation have included more jobs, increased affordable and market-rate housing, more business activity, and the remediation of contaminated sites in nearly 200 communities. Moreover, contaminated sites that once posed dangers to the public have been brought into compliance and now, rather than eroding our limited resources, are serving to expand our economic and tax-paying base.

Some of our members, for example, are involved with projects in South Boston, which is experiencing a renaissance in growth and development; some of these projects are currently dependent on the Brownfields Tax Credit for their economic viability.


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Topics: Brownfields Tax Credits

Warren Kirshenbaum

Written by Warren Kirshenbaum

Warren is the President and CEO of the Cherrytree Group, a tax credit consulting, brokerage, and syndication firm.

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