How many brownfields are in NYC?
New York City has over 3,000 vacant commercial and industrial properties and more than 7,000 properties designated by the City as subject to mandatory environmental study and management.
How do brownfield tax credits work?
Brownfields Expensing Tax Incentive The tax incentive encourages cleanup and redevelopment of brownfields by allowing taxpayers to reduce their taxable income by the cost of eli- gible cleanup expenses in the year they are incurred.
Are brownfield credits taxable income?
On April 25, 2019, the United States Court of Appeals for the Federal Circuit decided that refundable state tax brownfield credits are taxable income for federal purposes. The court’s decision makes that refunded credit subject to federal tax.
What is a Brownfield Opportunity Area?
▐ What is a Brownfield Opportunity Area (BOA)? Brownfields are neighborhoods or areas within a community negatively affected by real or perceived environmental conditions.
What is the brownfield cleanup program?
EPA’s Brownfields Program provides grants and technical assistance to communities, states, tribes and others to assess, safely clean up and sustainably reuse contaminated properties.
How are brownfields created?
Brownfield Development is a term in urban planning which includes land that has previously been contaminated or used by industrial waste that has now become vacant and unused. It is the land with known as well as suspected pollution even it includes soil contamination due to the excess hazardous waste.
Are brownfield tax credits transferable?
One key to the program’s success is that the credits are transferable, so that local governments and nonprofit developers that cannot use the credits may transfer them to businesses as an incentive to reuse brownfield sites or to mitigate costs incurred to perform brownfield site rehabilitation.
What are brownfield investments?
A brownfield (also known as “brown-field”) investment is when a company or government entity purchases or leases existing production facilities to launch a new production activity. The clear advantage of a brownfield investment strategy is that the buildings are already constructed.
What is a brownfield application?
A brownfield application is an existing application, while a greenfield application is one that is not yet made or is in very early stages of development.
How do you remediate a brownfield site?
Brownfield remediation techniques depend on the type of contamination the land is experiencing and how the land will be used once it’s clean….Common methods of remediation:
- Excavation.
- Tank removal.
- Capping.
- On-site or in situ treatment.
- Bioremediation.
- Phytoremediation.
- Lead and asbestos abatement.
Is a landfill a brownfield?
A landfill site meets the definition of a brownfield if environmental contamination has been identified, or presumed to exist by virtue of the type of materials deposited, such as a municipal solid waste landfill that receives household waste. If you have any doubt, have an environmental firm review your report.