On August 5th, Governor Patrick signed “An Act Relative to Economic Development Reorganization” (Chapter 240 of the Acts of 2010). This lengthy piece of legislation restructures the Commonwealth’s economic development programs. Several sections of the Act have an importance far beyond their length. These extend the Commonwealth’s Brownfields tax credit program until the end of 2013. Without the adopted amendment to the General Laws, this vital tax credit program would terminate at the end of next year. Many Brownfield remediation projects would have been left in limbo as the developers would not know if the credit would have been available for their projects. This concern, at least for the next several years, has been removed.
Kudos to Hal Davis, an Of Counsel attorney for the Boston firm of Davis, Malm & D’Agostine PC who drafted the legislation and worked for its adoption. Hal is also President of New England Economic Development, Corp. New England has qualified a large number of Brownfields credits and arranged their sale. The Massachusetts Brownfields tax credit program is generally considered the most effective in the country. The credit is 50% of eligible costs without an AUL and 25% if there is one. Monies spent as far back as August of 1998 qualify for the credit. Even non-profits may receive and then sell a credit.
For information concerning the qualification of past, present or future Brownfield remediation projects, contact New England Economic Development at 508-476-3900.
New England Economic Development, Corp.
August 17, 2010