How far back can cleanup costs be deducted under the Brownfields Tax Incentive?
A25: The Brownfields Tax Incentive became law on August 5, 1997. While amended tax returns may be filed to deduct expenditures from prior tax years, IRS guidance indicates that such returns must be filed within three years after the date a corporation filed its original return, or within two years after the date a corporation paid the tax (if filing for a refund), whichever is later. The IRS or a qualified tax professional should be consulted if there is any uncertainty as to whether prior tax year deductions are allowable. Top of page IV. Meeting the Ownership Criteria Q26: With regard to the definition of “qualified contaminated site” in Section 198(c)(1)(A) of the Brownfields Tax Incentive, what types of uses constitute “a trade or business or for the production of income, or which is property described in section 1221(1) in the hands of the taxpayer?” A26: Each of these terms is a term of art in the tax world. Generally, any property used for non-personal purposes will be considere
Related Questions
- Do costs for site assessment and investigation activities qualify as remediation expenditures under the Brownfields Tax Incentive?
- Can the expenditures from the removal of asbestos or lead from a building be deducted under the Brownfields Tax Incentive?
- How far back can cleanup costs be deducted under the Brownfields Tax Incentive?
