How would the Brownfields Tax Incentive apply in a situation where a taxpayer capped soil contamination with a parking lot?
A22: The service costs related to the soil remediation and cap construction would be deductible. The portion of the parking lot truly functioning as the cap (underneath the asphalt) may qualify as a deductible expense under the incentive. Q23: Assume a responsible party settled with a state, and the state uses these settlement funds to conduct remediation activities over the next few years. Can the taxpayer claim these expenditures under the Brownfields Tax Incentive? A23: Qualified settlement funds were not addressed in the legislation. It is unlikely that the taxpayer would be able to claim these expenses since the funds have already been turned over to the state.
Related Questions
- How would the Brownfields Tax Incentive apply in a situation where a taxpayer capped soil contamination with a parking lot?
- Are properties owned by a municipality, and leased to a taxpayer, eligible for the Brownfields Tax Incentive?
- How can a taxpayer verify that a property is eligible for the Brownfields Tax Incentive?
