August 9, 2010 - Bob Dorfman, president of MA Brownfields Tax Credits, announces that on August 5th, Governor Duval Patrick signed "An Act Relative to Economic Development Reorganization".
This Act extends the Commonwealth's Brownfields tax credit program until December 31, 2013. Without the adopted amendment to the General Laws, this vital tax credit program was scheduled to terminate on December 31, 2011. Many Brownfield remediation projects would have been left in limbo without knowing if the credit would have been available for their projects. This concern, at least for the next several years, is now removed.
MA Brownfields Tax Credits and New England Economic Development Corp. were responsible for drafting the legislation and working for its adoption.
The Commonwealth of Massachusetts first created the Brownfields tax credit program in 1998 and amended the legislation in 2006 to allow the credits to be transferred, sold or assigned. This credit provides an incentive to developers to cleanup qualifying sites in the form of tax credits useable against Massachusetts income tax. Both for-profit and not-for-profit developers are eligible to receive the credit and generally sell the credit to third parties. Purchase of the credits affords its investors an opportunity to save on state taxes, while supporting environmental cleanups in the state.
MA Brownfields Tax Credits has qualified and sold a large number of MA Brownfields tax credits. For information concerning the qualification of specific Brownfield remediation projects (as far back as August of 1998), please contact Bob Dorfman.