Brownfield Tax Credit Incentivizes Cleanup in Milford
Cooperstown was contracted to perform environmental remediation and LSP Services on a contaminated property in Milford, Massachusetts. Pre-purchase environmental due diligence activities had revealed a release of petroleum in groundwater and soil. The contamination was associated with the former use of the site by a straw hat factory, a leather dealer, a coal and oil company, and for the storage of equipment, machinery, materials, and chemicals, including drummed alcohols; the historical presence of petroleum-containing underground storage tanks; the former use of the property as an automotive garage; and the presence of petroleum containing aboveground storage tanks on a neighboring property. Milford SBS LLC remediated the site for use as a commercial rental property.
The environmental cleanup project was supported by the Massachusetts Brownfields Tax Credit program. As an Eligible Person, the new property owner, Milford SBS LLC, was eligible for tax credits issued by the Massachusetts Department of Revenue (DOR). The Brownfields Tax Credits helped to offset the cleanup costs, which were significant due to the contamination that was found on the site and needed to be remediated to reach a condition of No Significant Risk under the Department of Environmental Protection (DEP) guidelines.
The Massachusetts Brownfields Tax Credit program is intended to incentivize developers to take on the responsibility of properties contaminated by prior uses when they are used for commercial purposes. Cooperstown Environmental is the leading authority in the tax credit program and assisted Milford SBS LLC in remediating the site as well as applying for and obtaining this credit.
Have you conducted remediation for contamination that you did not cause? You might be eligible to get money back through Brownfields Tax Credit program and our mission is to help you take advantage of this opportunity. As the acknowledged authority in the Massachusetts Brownfield Tax Credit, we’re your best choice to guide you through the complexities of the program. Please contact us to find out if you are a candidate to get back some of your hard-earned money.