Get the free Claim for Brownfield Redevelopment Tax Credit - tax ny

This form is used to claim the Brownfield Redevelopment Tax Credit in New York State for sites accepted into the Brownfield Cleanup Program prior to June 23, 2008, detailing site preparation and tangible

How to fill out claim for brownfield redevelopment

How to fill out Claim for Brownfield Redevelopment Tax Credit

1. Gather required documentation, including a completed application form and all supporting materials.
2. Identify the eligible brownfield site and verify it meets state eligibility criteria.
3. Complete the Claim for Brownfield Redevelopment Tax Credit application form accurately.
4. Provide detailed descriptions of the remediation activities conducted on the site.
5. Calculate the amount of tax credit claimed based on eligible expenses.
6. Attach necessary receipts and proof of costs incurred during the redevelopment.
7. Review the completed application for accuracy and completeness.
8. Submit the application by the specified deadline to the appropriate state agency.

Who needs Claim for Brownfield Redevelopment Tax Credit?

1. Property owners of brownfield sites looking to redevelop their properties.
2. Developers and investors interested in financing projects on contaminated sites.
3. Local governments seeking to encourage environmental remediation and redevelopment.
4. Organizations involved in revitalization and economic development efforts.

People Also Ask about

What is the brownfield remediation tax credit?

The Brownfields Tax Incentive first passed as part of the Taxpayer Relief Act of 1997. It allowed taxpayers to deduct remediation expenditures for the cleanup of a property if the property was used for trade, business, or producing income.

What is the brownfield tax incentive?

The Brownfields Tax Incentive first passed as part of the Taxpayer Relief Act of 1997. It allowed taxpayers to deduct remediation expenditures for the cleanup of a property if the property was used for trade, business, or producing income.

What does the brownfield program do?

EPA's Brownfields Program is designed to empower states, communities, and other stakeholders in economic redevelopment to work together in a timely manner to prevent, assess, safely clean up, and sustainably reuse brownfields.

How do brownfield tax credits work?

Under this program, states are allocated tax credits each year based on population. Developers submit applications to state housing agencies, who select which developments receive the tax credits. The program is used either to construct buildings or rehabilitate buildings on a brownfield site.

What is an example of the redevelopment of a brownfield?

Brownfields can—and should—be redeveloped. These properties can be utilized for a wide variety of purposes. They have, for example, been successfully turned into retail sites, office parks, schools, parks, and housing developments.

What is the brownfield redevelopment incentive?

However, the high costs of remediation often deter private investment. The Brownfields Redevelopment Tax Incentive directly addresses this challenge by allowing developers to fully deduct the cleanup costs of contaminated sites in the year the expenses are incurred, rather than spreading them out over a decade.

What are the benefits of redevelopment of brownfields?

Air Quality and Reducing Greenhouse Gases - Brownfields redevelopment effectively reduces greenhouse gases (GHGs) by encouraging growth in urban areas. Brownfield sites are often located in prime areas of communities, such as along existing transit lines and high-density, mixed-use resident and commercial areas.

How do brownfield tax credits work?

The Brownfields Tax Incentive first passed as part of the Taxpayer Relief Act of 1997. It allowed taxpayers to deduct remediation expenditures for the cleanup of a property if the property was used for trade, business, or producing income.

Can you sell brownfield tax credits?

The guaranteed return stemming from the tax credit can attract private banks not normally interested in housing or brownfields projects. A non-profit can sell the tax credits to investors or syndicators and become the principal partner in the project.

What is the brownfield tax credit in NY?

The Brownfield Redevelopment Tax Credit (BRTC) is a fully-refundable tax credit available to businesses and individual taxpayers who have satisfactorily cleaned a brownfield site and have been issued a Certification of Completion by the New York State Department of Environmental Conservation.

For pdfFiller’s FAQs

What is Claim for Brownfield Redevelopment Tax Credit?

The Claim for Brownfield Redevelopment Tax Credit is a formal request submitted by property owners or developers to receive tax credits for the costs incurred while redeveloping brownfield sites, which are properties contaminated by hazardous substances and require cleanup.

Who is required to file Claim for Brownfield Redevelopment Tax Credit?

Property owners, developers, or businesses that have incurred qualified expenses related to the redevelopment of a brownfield site are required to file the claim to receive tax credits.

How to fill out Claim for Brownfield Redevelopment Tax Credit?

To fill out the Claim for Brownfield Redevelopment Tax Credit, applicants must complete the designated application form, provide documentation of eligible expenses, and submit this information to the appropriate tax authority by the required deadline.

What is the purpose of Claim for Brownfield Redevelopment Tax Credit?

The purpose of the Claim for Brownfield Redevelopment Tax Credit is to incentivize the cleanup and redevelopment of contaminated properties, revitalizing communities and enabling economic development by mitigating liability for remediation costs.

What information must be reported on Claim for Brownfield Redevelopment Tax Credit?

Applicants must report information including the location of the brownfield site, the nature of contamination, detailed accounts of the cleanup and redevelopment expenses, and any supporting documentation that verifies the incurred costs.