Are there tax incentives for Brownfields redevelopment?
In addition to direct financial assistance, federal, state and local tax incentives are available to property owners and developers to help reduce the costs of Brownfield projects. The federal tax incentives include the Taxpayers Relief Act, which allows eligible taxpayers to deduct qualified cleanup expenses at eligible Brownfields in the year they are incurred, and rehabilitation income tax credits for 10% of the expenses of rehabilitating structures built before 1936. Many state and local governments also provide tax breaks for Brownfield projects.
