News
  • Home
  • >
  • Business
  • >
  • Four Straight – Cooperstown Environmental Top Firm in Massachusetts Brownfields Tax Credits in 2014

Challenging new projects. Creative yet practical solutions. Innovative ways to protect the planet – one property at a time. Catch up on the latest news from Cooperstown Environmental here.

Four Straight – Cooperstown Environmental Top Firm in Massachusetts Brownfields Tax Credits in 2014

Four Straight – Cooperstown Environmental Top Firm in Massachusetts Brownfields Tax Credits in 2014

For the fourth consecutive year, Cooperstown Environmental LLC is the top consulting firm in Massachusetts Brownfields Tax Credit awards, according to official statistics just released by the Massachusetts Department of Revenue (DOR).

Once again, nearly two-thirds of the Brownfields tax credit recipients were clients of Cooperstown Environmental LLC, according to the state’s Tax Credit Transparency Report. This report finds that most of the applications that were approved were prepared and submitted by the firm, reiterating Cooperstown’s long-established hegemony as the top firm in the Brownfield Tax Credit arena.

The 2014 Massachusetts Tax Credit Transparency Report, which has been issued annually since a 2010 law that requires the disclosure of recipients of Massachusetts tax credits, once again confirms Cooperstown’s dominance in this niche. The firm has prepared and submitted applications for more than half of all the certificates issued since 2006 – we have more successful credit applications than has everyone else combined.

Of the applications submitted in 2014, only 36 were approved, continuing a trend that has been apparent for three years of fewer applications being approved each year. DOR’s official report shows that 56 certificates were issued in 2013, 62 certificates were issued in 2012, and 83 certificates were issued in 2011. The prior years’ numbers have been updated to account for approvals that were issued recently.

James T. Curtis, President of Cooperstown Environmental LLC, stated,The Tax Transparency Report once again demonstrates how important this program is to owners who have incurred significant expenses to remediate pre-existing contamination as part of economic redevelopment. Developers, not-for-profit organizations, property owners, and others throughout Massachusetts can benefit from this vital tool. At the same time, the increased difficulty in gaining approval makes it even more important to enlist the support of an experienced firm when seeking these credits.”

Cooperstown Environmental LLC is an Andover-based Licensed Site Professional (LSP) and environmental engineering consulting firm that was a pioneer in the Brownfields tax credit market. In addition to providing LSP Services and Brownfield Tax Credit consulting and advisory services, the firm purchases Brownfields tax credits and provides brokering services.

The Massachusetts Brownfields Tax Credit program was created in 1998 to help spur the cleanup and redevelopment of contaminated commercial and industrial properties throughout the state. It offers a rebate, in the form of a tax credit, of up to half the cost of responding to contamination in economically distressed areas. Only property owners who are “Eligible Persons” – which the law defines as parties who did not cause or contribute to the contamination nor who owned or operated the property at the time of the contamination – can recover a portion of their costs. The state Legislature extended the program for five years through 2018.

Leave a Reply

Your email address will not be published. Required fields are marked *