Andover, MA – For an incredible seventh consecutive year, Cooperstown Environmental LLC is the top consulting firm in Massachusetts Brownfields Tax Credit awards, according to official statistics released by the Massachusetts Department of Revenue (DOR).
Yet again, most recipients of the state’s Brownfield tax credit were clients of Cooperstown, as reported in the state’s recently-released 2017 Tax Credit Transparency Report. This annual report again shows that more than half of the approved applications were completed by the firm. This has been true every year since the state began releasing these statistics in 2011. Cooperstown’s market position as the top firm in the Brownfield Tax Credit arena is long-standing.
The latest version of the report from DOR – the 2017 Tax Transparency Report – once again confirms Cooperstown’s dominance in this niche. The disclosure report has been issued annually since a 2010 law passed requiring the publication of the names of the recipients of all Massachusetts tax credits. The firm has prepared and submitted applications for most of the certificates issued since 2006 – we have more successful credit applications than all others combined.
The transparency report documents that approved applications remain at a premium, with the process requiring longer times for approvals.
James T. Curtis, President of Cooperstown Environmental LLC, stated, “Our clients’ factor this important tax credit into their project budgets and financing arrangements when assessing whether to develop a site with environmental contamination. We hope the program can regain momentum, so projects are not impacted.” Curtis also pointed out the advantage of enlisting the support of an experienced firm when seeking these credits.
Developers, not-for-profit organizations, property owners, and others throughout Massachusetts benefit from this vital tool, which can make the difference and turn a ‘no’ into a ‘yes’ when looking at borderline sites. The state recently extended the Brownfield credit for five additional years, acknowledging how useful the program is at encouraging economic development and environmental benefits.
Cooperstown Environmental LLC is a 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.