[CPEO-BIF] Florida Voluntary Cleanup Tax Credit applications

[Lenny Siegel <lsiegel@cpeo.org>]

PRESS RELEASE
FLORIDA BROWNFIELDS ASSOCIATION
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
<lsiegel@cpeo.org>
http://www.cpeo.org

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