The Tax Relief and Health Care Act of 2006 expanded and extended the Brownfields Tax Incentive. This popular incentive was renewed, effective after December 31, 2005, and extended until December 31, 2007. The Brownfields Tax Incentive allows environmental cleanup costs to be deducted in the year incurred, rather than capitalized over time. The legislation expanded the incentive's scope, allowing the deduction of expenses for the cleanup of petroleum products (crude oil, crude oil condensates, and natural gasoline), which had been ineligible. 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.
Click on the link below if you have a site that you believe qualifies for the incentive.
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