Many a developer has described feeling frustration when, after working on a brownfield property transaction for months, maybe even years, the environmental cleanup phase took less than 12 weeks.
It’s often true the property transaction phase of a brownfield can take more time than the cleanup phase, says Claudia Powers, an attorney and chair of Environmental [...]
The “tax extenders” bill that Congress recently approved included a provision to extend the Brownfields Expensing Deduction through 2007 and to expand the program to include petroleum cleanups. The brownfields tax expensing law makes cleanup expenditures deductible in the year the expenses were incurred. This approach, originally adopted in the Community Renewal Act of 2000, [...]
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