1.608 -Brownfields Credit

Item	Description	FY2008	FY2009	FY2010
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. Under prior law, net responsive removal costs incurred by a taxpayer between August 1, 1998 and August 5, 2005, taxpayers were allowed a credit for amounts expended to rehabilitate contaminated property owned or leased for business purposes and were located within an economically distressed area. Recent legislation changed the commencement cut-off date from August 5, 2005 to August 5, 2011, and the time for incurring eligible costs that qualify for the credit to January 1, 2012. 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: $1.1	1.1	1.1	1.1

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.