Contact:
Ronald Smedley 517-373-4805
Agency:
Environmental Quality
The Division A- Emergency Economic Stabilization Act of 2008 retroactively extended the Federal Brownfields Tax Incentive. This popular incentive was renewed, effective from January 1, 2008, and extended until December 31, 2009. The Brownfields Tax Incentive allows environmental cleanup costs to be deducted in the year incurred, rather than capitalized over time. Prior expansion of this legislation allowed the deduction of expenses for the cleanup of petroleum products (crude oil, crude oil condensates, and natural gasoline), which had previously been ineligible. Any qualified remediation costs at any qualified contaminated property are eligible to be deducted under this program. Please see the Verification form below in order to request a letter of qualification for your site. Updated fact sheets, frequently asked questions, guidelines and other Brownfields Tax Incentive materials are available on the EPA's Brownfields Tax Incentive webpage. The Internal Revenue Service form for using the Incentive is Schedule M-3. Check the Federal Code for a recent version of the Section 198 tax incentive.
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