Get 2014 Brownfield Eligibility

The Georgia Brownfield Act (OCGA 12-8-200, as amended), formerly the Hazardous Site Reuse and Redevelopment Act, provides liability protection to prospective purchasers of contaminated properties from third party claims arising from past releases and groundwater cleanup.

Brownfield Credits Are Qualifying Income for REITs | Tax Notes. (2) Pursuant to § 856(c)(5)(J)(ii), any gross income of Taxpayer arising from the receipt or accrual of the Brownfield Credits will be considered qualifying income for purposes of § 856(c)(2) and (3).

Examples include lands that are formerly used for commercial and industrial purposes, such as former gas stations, former dry cleaning establishments, metal plating facilities, abandoned factories, former factories, and landfills, among others.

Brownfields Expensing Tax Incentive The tax incentive encourages cleanup and redevelopment of brownfields by allowing taxpayers to reduce their taxable income by the cost of eli- gible cleanup expenses in the year they are incurred.

Under Georgia's Act, the limitation of liability is fully transferable to subsequent purchasers, unless such purchaser is otherwise liable for the contamination because of some prior interaction with the property. Georgia also provides tax incentives for brownfield redevelopments.

Georgia Brownfield Tax Credits Brownfields Tax Incentive (1994) – Mandates that environmental cleanup costs are fully deductible in the year they take place. In 2006, this tax incentive expanded to include petroleum cleanup.