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BrownfieldsHome Local Brownfields? Assessment Map Assessments by Address Resources and Incentives Green Resources Phase 1 Assessments Explained EPA Program EPA Grants Missouri Program Community Outreach Success Stories Awards and Recognition Jordan Valley Resource Day |
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Resources and Incentives for Brownfields RedevelopmentThe Brownfields Program works to assess, clean up, and facilitate the redevelopment/reuse of potentially contaminated properties known as “brownfields” within the City of Springfield. Phase I and Phase II Environmental AssessmentsPrivate property owners, non-profits, and governmental agencies can apply to have a Phase I or Phase II environmental assessment conducted through the City’s Brownfields Program. The City currently has funding through two EPA grants for both Hazardous Substance and Petroleum Assessments. Related Forms (All are PDF)
Applications and forms may be returned by fax. Contact: Brownfields Tax Incentive Extended Through 2009The Emergency Economic Stabilization Act of 2008 (H.R. 1424), signed into law by President Bush Oct. 3, renews for the fifth time a brownfields tax incentive that allows developers to use the "expensing" method for reporting and deducting costs of remedial work at brownfields sites. Using that method, developers can fully deduct the costs of environmental cleanup in the year the costs were incurred rather than spread the costs over a period of years. Without the special incentive, brownfields developers would have to use the "capitalizing" method, which delays and potentially decreases the total benefit of the deduction by extending it over several years. Originally enacted as part of the Taxpayer Relief Act of 1997, the provision was most recently extended in 2006. It expired Dec. 31, 2007. The incentive enacted as part of the financial rescue bill extends the brownfields tax incentive through Dec. 31, 2009. It applies to expenses incurred in tax years 2008 and 2009. Tax Incentive Not Widely UsedAccording to a 2007 Congressional Research Service report, the brownfields tax incentive, contained in Section 198 of the IRS Code, is not widely used. One reason is its "stop and start" nature, that is, its history of expiration and renewal every one or two years, the report said. Greg Rogers, an attorney who heads Advanced Environmental Dimensions, a Dallas firm specializing in issues related to site remediation, told BNA another reason the incentive is not widely used is simply because accountants are not aware of it. The IRS introduced a new tax form in 2004 to track use of the brownfields tax incentive. Data for 2004, reported by the IRS in 2007, show that Section 198 environmental remediation costs of $295 million were reported by 110 corporations out of a population of more than 5.5 million corporate tax returns, according to the CRS report (190 DEN A-8, 10/2/07. The brownfields provision is part of a package of $71 billion in tax incentives and economic stimulus measures in H.R. 1424. According to a Senate Finance Committee summary of the legislation, the estimated cost of the brownfields provision is $357 million over 10 years, compared to a total net cost for all tax provisions in the new law of about $107 billion over 10 years.  EPA Tax Incentive Fact Sheet (438k PDF) MO DNR Tax Incentive Application (20k PDF)Revolving Loan FundProvides low-interest loans to private parties for environmental remediation and sub-grants to non-profit organizations. The City of Springfield received a $1 Million grant from EPA to create a Revolving Loan Program to help facilitate environmental cleanup of brownfields. The program is currently under development and is scheduled to be available by early 2008. Interested parties may contact the Economic Development Office 864-1031 for more information. Related Forms (All are PDF)
Contact: Missouri Brownfields/Voluntary Cleanup Program (BVCP)
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