Many states offer valuable incentives or tax credits that encourage the remediation of contaminated lands. As states have extended and amended their brownfields tax credit programs, some changes in eligibility, timing and requirements to apply for the tax credits have been enacted, as well as efforts to provide additional clarity, transferability, expansion, or, in some cases, restrictions. Warren Kirshenbaum, the author of a recent article in Bloomberg, says that while these tax credit programs may seem daunting, they should not discourage potential developers from considering currently contaminated properties as sites for redevelopment. Highlighting the success of the Massachusetts brownfields tax credits program, Warren says that states continue to issue these credits, and a vibrant resale market for these credits exists, allowing for the continued strategy of using tax credits to recoup funds spent on remediation expenses.
To learn more about the Brownfields tax credit program in Massachusetts, read the Bloomberg article, “The Greenery of Brownfields. “