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Techno Bits/Technical Bulletins SITE ASSESSMENT AND REMEDIATION - CURRENT Massachusetts Tax Credit for Brownfields Cleanups Massachusetts recently legislated a new tax credit to help reduce site cleanup costs by 25% or 50% at brownfields redevelopment sites where cleanups begin on or before August 5, 2001. Qualifying brownfields sites must be used for business purposes within Economically Distressed Areas. The qualifying taxpayer must not have caused or contributed to existing site contamination. Cleanup costs must be greater than 15% of the pre-cleanup property value. If all qualifying criteria were met, a 50% tax credit would be available to sites without Activity and Use Limitations (AULs) while non-AUL sites would be eligible for a 25% tax credit. Other conditions and time limitations apply. For more details, give us a call.
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