Congresswoman Elizabeth Esty and Mayor Patricia Murphy of New Milford, CT visit New Milford’s Century Brass mill, a brownfield site, in 2014. Photos via The News-Times.
Congresswoman Elizabeth Esty (D-CT-5) is fighting hard to reinstate a tax incentive to help cleaning up contaminated land more affordable and more feasible.
Late last month, Esty introduced the Brownfields Redevelopment Tax Incentive Reauthorization Act of 2015 (H.R. 2002), a bill to re-establish the Brownfields Tax Incentive which ended in 2011.
Originally signed into law in 1997 and codified through Section 198(h) of the Internal Revenue Service’s tax code, the Incentive allowed taxpayers to fully deduct the costs of brownfield sites’ environmental cleanup the year the costs were incurred—making the arduous process more affordable for those who take it on.