Brownfields Tax Incentive Extended and Expanded

On December 20, 2006, President Bush signed the Tax Relief and Health Care Act of 2006 that included an extension and expansion of the Brownfields Tax Incentive. The 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 Brownfields Incentive’s scope, allowing the deduction of expenses for the cleanup of petroleum products (crude oil, crude oil condensates, and natural gasoline), which had previously been ineligible. EPA is updating its guidelines and other Brownfields Tax Incentive information resources to reflect the extension. More information available on the Brownfields Tax Incentive Page.

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