Brownfields
Financial Incentives
August 30, 2004
Several states provide grants, low interest loans, credit enhancement agreements and tax incentives for brownfields cleanup and redevelopment. Examples of innovative programs include:
- Colorado provides a tax credit for environmental cleanup and redevelopment projects in cities with populations larger than 10,000. The tax credit ranges from 50 percent of the initial $100,000 for site remediation to 20 percent of the third $100,000 spent on cleanup.
- Massachusetts earmarked $15 million in 1998 for an insurance fund to help pay cleanup costs or guarantee private loans. The state also established a redevelopment fund to provide $30 million in low interest loans to private parties and grants to local governments, and authorized a tax credit.
- New York provides tax credits for soil and groundwater cleanup, site redevelopment and job training costs, and for purchasing environmental remediation insurance, and allows a refund of that portion of a credit that exceeds a person's tax liability in any given year.
- Oregon's Economic and Community Development Department offers several forms of financial assistance, including credit enhancement agreements (loan portfolio insurance and loan guarantees for environmental evaluations) and a Brownfield Redevelopment Loan Fund.
- Pennsylvania’s Land Recycling Program includes an Industrial Sites Cleanup Fund to assist in voluntary cleanups--grants or low-interest loans cover up to 75 percent of the cost of an environmental study and a cleanup plan. A job creation and tax credit program provides a $1,000 tax credit for each new job created at a brownfields site for companies that increase employment by 25 jobs or 20 percent within three years of beginning site remediation.
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