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When one hears the word “brownfield,” most people think of contaminated sites that have little to no value and should be avoided.
However, these sites are increasingly becoming locations for various renewable energy projects, including solar photovoltaic electricity generating systems, wind energy systems, geothermal systems, and biomass systems, according to a Bloomberg BNA Green Incentives Monitorarticle.
The increase in renewable energy projects on brownfields is due, in part, to the availability of federal tax incentives, reports the article.
Besides federal tax incentives, there are numerous state tax credits for cleaning up and developing brownfield sites, as well as for hiring employees to work on brownfield sites.
States with these types of brownfield incentives include Alabama, Connecticut, Delaware, Florida, Iowa, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, New Hampshire, New York, Ohio, Pennsylvania, South Carolina, Tennessee, and Wisconsin.
Brownfield sites are more and more attractive to investors, especially when the federal and state tax incentives are combined.
For more information about state brownfield tax credits, check out Bloomberg BNA’s Credits and Incentives Portfolios.
In other developments . . .
Rhode Island issued emergency regulations implementing the state’s new historic preservation tax credit, according to a Bloomberg BNA Weekly State Tax Reportarticle.
By: Kathleen Caggiano
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