2014 CPEO Brownfields List Archive

From: Lenny Siegel <lsiegel@cpeo.org>
Date: Fri, 14 Feb 2014 13:49:00 -0800 (PST)
Reply: cpeo-brownfields
Subject: [CPEO-BIF] Florida Voluntary Cleanup Tax Credit applications
FEBRUARY 14, 2014

FDEP received record-breaking number of state Voluntary Cleanup Tax
Credit applications, highlighting need to address $10M VCTC backlog

The Florida Department of Environmental ("FDEP") received a recordbreaking number of Voluntary Cleanup Tax Credit ("VCTC") applications for the 2013 cycle for environmental work performed at Brownfield sites across Florida. The record number of VCTC applications demonstrates both the strength of Florida's Brownfield program but also the need to reduce the substantial backlog of VCTC tax credits approved but not yet issued by the State.

FDEP received 68 applications for VCTC tax credits at Brownfield sites, requesting approximately $6.98 million. Overall, 79 total VCTC applications were submitted and $7.98 million sought, an increase over the total 68 VCTC applications received last year and the more than $6 million sought. The annual VCTC application period ended in January 2014. The VCTC program has an annual state funding limit of $5 million.

"The record number of applications and the amount of tax credits requested demonstrates the success of the VCTC program in attracting parties to voluntary cleanup and redevelop Brownfield sites in Florida. However, as a result of the funding backlog, Brownfield redevelopers completing cleanup activities in 2013 may have to wait until July 2017 or 2018 to receive the tax credits" said Florida Brownfields Association President Michael Sznapstajler. "The Florida Brownfield Association supports legislative efforts designed to reduce the backlog of pending tax credits."


For the entire release, see
http://www.floridabrownfields.org/associations/11916/files/VCTC Press Release.pdf


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

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