Massachusetts Brownfields Tax Credit Extension
The Massachusetts Brownfields Tax Credit Program is a state tax credit designed to encourage the cleanup and redevelopment of contaminated properties located in Massachusetts. The program, which was set to expire at the end of the year, has been granted a five-year extension in the passed Massachusetts State Budget as of Wednesday, August 9, 2023.
For eligible parties with properties that require remediation under the Massachusetts Contingency Plan, up to 50% of the remediation/cleanup costs can be received in the form of a tax credit after achieving a Permanent Solution or Remedy Operation Status. This unique tax credit program can make the difference in your bottom line for those complex properties or projects that may otherwise not be economically feasible. Additionally, it can lessen the financial burden of remediation for owners who did not cause the contamination but have been dealt a surprise hand and are obligated to remediate the property. The Brownfields Tax Credit is used as a credit against Massachusetts personal income tax or corporate excise liability; tax credits can be used by the eligible party, transferred, or monetized by selling the credit to another party.
What can Roux do to help? Roux’s Massachusetts office’s in-depth knowledge of the program will help you determine Brownfields Tax Credit eligibility, estimate and maximize the available tax credit value, and streamline the application process. Our Massachusetts Licensed Site Professionals (LSPs) can assist in identifying regulatory requirements for eligibility, as well as overseeing the cleanup of contaminated properties. To connect with one of our experts regarding program eligibility and benefits, please contact us below.