Harold R. Davis Instrumental in Securing Extension of Brownfields Tax Credit

August 06, 2010 - Boston, MA
For more information contact: Joanne Thorud
(617) 589-3894; jthorud@davismalm.com

On August 5, 2010, Governor Patrick signed “An Act Relative to Economic Development Reorganization” (Chapter 240 of the Acts of 2010) that restructures the Commonwealth’s economic development programs. Included in the legislation is the extension of the Brownfields Tax Credit until 2013, two years beyond its original expiration. The program provides rebates for eligible environmental response costs, offered in the form of tax credits. It is generally considered the most effective in the country. The credit is 50% of eligible costs without an “Activity and Use Limitation” (AUL) restriction and 25% if there is one. Monies spent as far back as August of 1998 qualify for the credit. Developers, commercial businesses, property owners, and even non-profits may be eligible and may receive and sell credits. Extending the program removes the uncertainty of future funding for many remediation projects in the Commonwealth.

Davis Malm attorney Harold R. Davis was instrumental in securing the extension of the program. He drafted the legislation and worked tirelessly to garner support for this vital and economically stimulating tax credit program. Mr. Davis is Of Counsel at Davis Malm and is also President of New England Economic Development, Corp., which has qualified a large number of Brownfields credits and arranged their sale. According to Davis: “The extension of the credit means that developers of Brownfield sites can now factor this into their planning knowing that the credit will be there. We have identified a number of prospective purchasers for the credits allowing developers to significantly reduce their costs”. Questions concerning the qualification of past, present, or future Brownfield remediation projects should be directed to Mr. Davis at New England Economic Development at (508) 476-3900(508) 476-3900 or Hal Davis.

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