Remediation Expenses at most Brownfields Sites are Tax Deductible, making more Redevelopment Happen!
Internal Revenue Code Section 198 Allows Expensing of Environmental Remediation Costs
- Are you deducting Environmental Remediation Cost?
- You can deduct remediation costs a "qualified contaminated site"!
- NPL Sites are not included, but most State Brownfields Cleanup Sites qualify.
- There has to be a release or threat of release or disposal of hazardous substances.
- Deductions allowed by Section 198 are treated as a deduction for depreciation.
- This deduction has been extended through December 31, 2007.
RT's clients have saved many hundreds of thousands of dollars by taking advantage of this deduction. Were it not for information made available to our clients, two PA Act 2 Land Recycling Sites would not have been remediated and redeveloped!
Click on the links below for more information:
- Recent RT Review Article pg 13
- Tax Almanac - Brownfields Tax Incentive
- U.S. EPA- Expensing of environmental remediation costs