1.608 -Brownfields Credit
Item | Description | FY2010 | FY2011 | FY2012 |
---|---|---|---|---|
1.608 | Brownfields Credit
Recent legislation extended the Brownfields credit to nonprofit organizations, extended the time from for eligibility for the credit, and permitted the credit to be transferred, sold, or assigned. Legislation changed the commencement cut-off date from August 5, 2011 to August 5, 2013, and the time for incurring eligible costs that qualify for the credit to January 1, 2014. The amount of the credit varies according to the extent of the environmental remedy. If the taxpayer's permanent solution or remedy operation status includes an activity and use limitation, then the amount of the credit is 25% of the net response and removal costs incurred by the taxpayer. However, if there is no activity and use limitation, then the amount of the credit is 50% of the net response and removal costs. Origin: M.G.L. c. 62, S.6 (j) Estimate: $0.9 |
1.4 | 0.9 | 0.9 |
Key:
ORIGIN | |
IRC | Federal Internal Revenue Code (26 U.S.C.) |
---|---|
U.S.C | United States Code |
M.G.L. | Massachusetts General Laws |
Rev. Rul.; C.B. | Revenue Ruling; Cumulative Bulletin of the U.S. Treasury |
ESTIMATES | All estimates are in $ millions. |
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