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By Franklin Thornton, December 19, 2023
The National Brownfields Coalition, with support from over 30 national organizations, released a letter in support of the reintroduction of the Brownfields Redevelopment Tax Incentive Reauthorization Act. This bill, introduced by Rep. Mikie Sherrill (NJ) and Rep. Michael Turner (OH), will allow taxpayers to fully deduct the cleanup costs of contaminated property in the year the costs were incurred. The National Brownfields Coalition is a program of Smart Growth America.
The brownfield tax incentive is a powerful tool to provide investment in economic development, community health, and communities marginalized by historic land use patterns and hazardous land uses. Restoring this vital tax credit to revitalize our communities is long overdue and the National Brownfields Coalition will continue to be a leading voice in support for the brownfield program.
Our 2015 report showed that this deduction dramatically reduced the remediation costs—the largest single expense of taking on a brownfield—by one-third to one-half, depending on the combined income tax bracket (federal, state, or local) of the party conducting the cleanup. Learn more via this factsheet > >
Association of State and Territorial Solid Waste Management Officials Center for Creative Land Recycling, Congress for the New Urbanism, Environmental Council of the States (ECOS), Groundwork USA, Local Initiatives Support Corporation (LISC), LOCUS: Responsible Real Estate Developers & Investors National Association of Counties, National League of Cities, Smart Growth America, The U.S. Conference of Mayors, U.S. Green Building Council, Brownfields Coalition of the Northeast
Center for Planning Excellence (CPEX), Charles B. Rangel Infrastructure Workforce Initiative, City of Kingston, City of New York, CT Dept. of Economic & Community Development, Factor Group Inc., Greater Binghamton Chamber of Commerce, Greater, Ohio Policy Center, Knauf Shaw LLP, Los Angeles Neighborhood Initiative, Metropolitan Area Planning Council, Minnesota Brownfields, New Jersey Future, Newtown Creek Alliance, Northfield Community LDC, NYC Brownfield Partnership, Real Estate Board of New York, Redevelopment Auth. of the City of Milwaukee, Renovare Development, Vektor Consultants, Wayne County IDA/ Wayne Economic Development Corporation Youth Ministries for Peace and Justice
You can support this bill too!
Visit this page to contact your federal representatives and ask for their support or cosponsorship of bipartisan bill H.R. 6438, which will spur the cleanup and redevelopment of brownfields and create new jobs.
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