Can the expenditures from the removal of asbestos or lead from a building be deducted under the Brownfields Tax Incentive?
A16: Section 198(d) of the Brownfields Tax Incentive excludes expenditures associated with substances for which a removal or remedial action would not be permitted under CERCLA 104(a)(3). CERCLA 104(a)(3) generally provides that a removal or remedial action cannot be taken to address products that are part of the building structure and result in exposure within residential buildings or business or community structures (e.g., interior lead-based paint contamination or asbestos which results in indoor exposure). Taxpayers should consult with tax counsel and their appropriate state agency contact to determine the circumstances in which a taxpayer’s activities may qualify for deduction. A list of state contacts can be found at: http://www.epa.gov/brownfields/stxcntct.htm.
A16: Section 198(d) of the Brownfields Tax Incentive excludes expenditures associated with substances for which a removal or remedial action would not be permitted under CERCLA §104(a)(3). CERCLA §104(a)(3) generally provides that a removal or remedial action cannot be taken to address products that are part of the building structure and result in exposure within residential buildings or business or community structures (e.g., interior lead-based paint contamination or asbestos which results in indoor exposure). Taxpayers should consult with tax counsel and their appropriate state agency contact to determine the circumstances in which a taxpayer’s activities may qualify for deduction. A list of state contacts can be found at: http://www.epa.gov/brownfields/stxcntct.htm.
Related Questions
- Can the expenditures from the removal of asbestos or lead from a building be deducted under the Brownfields Tax Incentive?
- Can expenditures for assessment or monitoring inside a building qualify for the Brownfields Tax Incentive?
- How much tax is deducted by a bank or building society before it adds interest to my account?
