| Item | Description | FY2010 | FY2011 | FY2012 |
|---|---|---|---|---|
| 2.608 | Brownfields Credit
Taxpayers are allowed a credit for amounts expended to rehabilitate contaminated property owned or leased for business purposes and located within an economically distressed area. The eligibility period for the Brownfields Credit has been lengthened. The environmental response action commencement cut-off date has been extended by c. 240 of the Acts of 2010 from August 5, 2005 to August 5, 2013 and the time for incurring eligible costs that qualify for the credit has been extended to January 1, 2014. The Brownfields Credit may be transferred, sold or assigned to another taxpayer with a liability under chapter 62 or chapter 63, or to a nonprofit organization. The Brownfields Credit cannot offset more than 50% of the excise due nor reduce the excise below the minimum tax. Any unused credit may be carried forward for five years. Origin: M.G.L. c. 63, S. 38Q, St. 2006, c. 123, S. 49, 63, St. 2010, c. 240 Estimate: $0.1 |
0.1 | 0.1 | 0.1 |
| ORIGIN | |
| IRC | Federal Internal Revenue Code (26 U.S.C.) |
|---|---|
| M.G.L. | Massachusetts General Laws |
| U.S.C | United States Code |
| ESTIMATES | All estimates are in $ millions. |