[CPEO-BIF] Michigan, Louisiana, and Iowa Expanding Tax Credits

[Lenny Siegel <lennysiegel@gmail.com>]

Michigan, Louisiana, and Iowa All
Expanding Brownfields Tax Credits

Northeast-Midwest Weekly Update
April 28, 2008

[For the original article, including links, go to
http://www.nemw.org/news.htm#4]

Some states are giving weight to brownfields redevelopment in spite of 
the climate of general fiscal constraint.  Brownfields redevelopment is 
seen as a way to stimulate economic growth in an environmentally 
responsible fashion.  With brownfields tax credits becoming more 
prevalent, the Northeast-Midwest Institute is now keeping a chart of 
state brownfields tax credits.

     * Louisiana - The legislature passed and the governor signed an 
expansion of their Brownfield Investor Tax Credit, increasing the credit 
from 25 to 50 percent of the cleanup costs.  The credit is automatic (no 
needs test and no statewide cap).

     * Michigan - The legislature increased Michigan's Brownfields 
Single Business Tax Credit from 10 to 12.5 percent of total development 
costs.  Michigan's credit is limited to a statewide cap of $40 million. 
  The new Michigan law also establishes a tax credit for "Urban 
Redevelopment Zones" to encourage dense, mixed-use neighborhoods.  Click 
here for more information.

     * Iowa - The legislature passed House Bill 2687 to establish the 
nation's first brownfields-grayfields tax credit.  The proposal assists 
total development costs in the following gradations:  12-15 percent for 
a grayfields site and 24-30 percent for a brownfields site. The higher 
percentages are linked to meeting green building requirements.  If the 
bill is signed into law Iowa will be the 13th state to establish a 
brownfields tax credit (see chart).

-- 


Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org



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