Governor Signs Legislation Establishing Income Tax Credit for Brownfields Cleanup

摘要

Colorado Gov. John Hickenlooper (D) has signed a bill (S.B. 73) establishing an income tax credit for individuals, organizations and other entities that perform approved environmental cleanup of contaminated land such as brownfields. Hickenlooper signed the bill May 15. The bill takes effect Aug. 6. Under the measure, beginning in tax year 2014, individuals, organizations and "qualified entities" may take an income tax credit for performing any approved environmental remediation of contaminated property, according to the Colorado Legislative Council. The total amount of the credit is 40 percent of the first $750,000 of remediation costs, and 30 percent of costs over $750,000 up to $1.5 million dollars, the council said.