Does an environmental assessment paid for by a prospective purchaser of a qualified contaminated site qualify as an environmental remediation cost?
A27: Generally, these costs are not eligible for the tax incentive since the law requires that the property must be “held by the taxpayer.” Taxpayers should consult with tax counsel to determine circumstances in which property is considered “held by the taxpayer” for purposes of determining whether it is a “qualified contaminated site.
Related Questions
- Does an environmental assessment paid for by a prospective purchaser of a qualified contaminated site qualify as an environmental remediation cost?
- Do costs for site assessment and investigation activities qualify as remediation expenditures under the Brownfields Tax Incentive?
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