The Massachusetts Brownfields Tax Credit program was created in 1998 and amended in 2006 and 2010. This credit provides an incentive to developers, commercial property owners, business owners or tenants 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.
Economic Development Incentives Inc. is a joint venture between New England Economic Development ("NEED") and Dorfman Capital ("DORFMAN") established to serve real estate owners who develop brownfield sites and are eligible MA Brownfields tax credits. Together since 2009 NEED and DORFMAN have qualified over 70 projects for MA Brownfields Tax Credits representing over $70 million of tax credits originated and sold.
The principals of Economic Development Incentives Inc. bring a unique blend of legal, finance and economic development experience having structured and raised in excess of $1 billion of financing.
If you meet the qualifying criteria, as much as 50% of your net costs are refunded to you through a state tax credit. You may qualify if you have since sold your property or if you never owned the site.