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The Small Business Liability Relief and Brownfields Revitalization Act (Pub. L. 107–118 (text), 115 stat. 2356, "the Brownfields Law") was signed into law by President George W. Bush on January 11, 2002. Brownfields are defined as, "A former industrial or commercial site where future use is affected by real or perceived environmental ...
The act is intended to provide clear rules for perpetual real estate interests – an environmental covenant – to regulate the use of brownfield land when real estate is transferred from one owner to another. The Uniform Law Commissioners completed the proposed act in 2003. Several states have adopted the Act.
In the United Kingdom, brownfield land and previously developed land (PDL) have the same definition under the National Planning Policy Framework (NPPF). [1] [18] The government of the United Kingdom refers to them both as: "Land which is or was occupied by a permanent structure, including the curtilage of the developed land (although it should not be assumed that the whole of the curtilage ...
Another option for assistance is the Brownfields Tax Incentive program, which was signed into law in 1997 and extends through December 31, 2011. The tax incentives goal is to encourage the cleanup and reuse of brownfields and the environmental cleanup costs are fully deductible in the year incurred.
The real estate and housing market can also affect your home’s value. Typically, the value of homes in the U.S. increases 4.6% annually, though that’s a long-term average that can vary widely ...
A proportion of contaminated sites are "brownfield sites." In severe cases, brownfield sites may be added to the National Priorities List where they will be subject to the U.S. Environmental Protection Agency's Superfund program. The actual sampling of soil, air, groundwater and/or building materials is typically not conducted during a Phase I ESA.
If any owner or real estate agent sells land or a residence near one of these sites to foreign nationals covered by the measure, they face fines if convicted from $500 to $15,000.
When the party either cannot be found or is unable to pay for the cleanup, the Superfund law originally paid for site cleanups through an excise tax on petroleum and chemical manufacturers. The last full fiscal year (FY) in which the Department of the Treasury collected the excise tax was 1995.