Are properties owned by a municipality, and leased to a taxpayer, eligible for the Brownfields Tax Incentive?
A29: The answer depends upon whether the property is considered “held by the taxpayer.” There are conceivable circumstances where a municipally-owned property might be considered a qualified contaminated property and where environmental remediation costs might qualify for the incentive. A taxpayer who pays for remediation at a property for which he or she has a long-term lease (e.g., 99 years) on municipallyowned property might qualify for the incentive. Taxpayers should consult with tax counsel to determine circumstances in which a taxpayer’s property may qualify for the incentive. Q30: Are there any circumstances where leased or rented properties would meet the criteria “held by the taxpayer?” For example, if an historic land trust specifically prevents ownership and the tenant operates on repeating 3-year leases, would the tenancy qualify as being held by the taxpayer-tenant? A30: Again, the answer depends upon whether the property is considered “held by the taxpayer.” There are con
