A key issue in brownfield redevelopment relates to proper valuation of property that is contaminated. As discussed below, Ohio does recognize that contamination is a relevant factor that should be considered in determining a properties value. However, other than recognizing it is a relevant factor, Ohio has failed to develop a consistent and reasonable
Are You Losing Out on Federal Tax Incentives for Clean Up Expenses?
Are you performing a Voluntary Action Program Clean Up?
Are you cleaning up contamination for a release from a petroleum underground storage tank (BUSTR)?
If you answered yes to either of these questions you may qualify for a significant federal tax incentive which allows you to deduct the clean up costs incurred this year as well as years past. Under the tax incentive, certain…
Ohio Brownfield Tax Abatement Law Needs Improvement
I was interviewed for a story on the local NPR station in Cleveland about a Northeast Ohio company that nearly went bankrupt because of confusion over Ohio’s brownfield tax abatement law. The title of the story was "How a Poorly Worded Tax Rule Nearly Bankrupted Ohio’s Oldest Company." Listen to the whole story by clicking…
Federal Tax Incentive For Environmental Clean Ups Provides Advantages Through End of 2009
Any business spending money on an environmental investigation or on clean up at property they own examine closely a federal tax incentive which is set to expire December 31, 2009. The incentive allows environmental clean up costs to be fully deductible in the year they are incurred, rather than having to be capitalized and spread over a…