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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. To qualify for this incentive the property must be owned by the taxpayer incurring the cost and there must be hazardous materials on the site.
Due to the issuance of the Comprehensive Environmental Response Compensation and Liability Act (CERCLA/Superfund) signed 1980 and subsequent court decisions imposing cleanup liability on a wide range of entities involved with a contaminated property, people began to avoid the redevelopment, reuse, and revitalization of properties identified ...
The money also will be used to speed the cleanup of 85 ongoing Superfund projects across the United States, the EPA said. ... The tax took effect in 2022 and is set to collect up to $23 billion ...
The landfill property, which is a U.S. Environmental Protection Agency Superfund site, covers about 200 acres and is surrounded by agriculture and commercial businesses.
The initial Superfund trust fund to clean up sites where a polluter could not be identified, could not or would not pay (bankruptcy or refusal), consisted of about $1.6 billion [15] and then increased to $8.5 billion. [4] Initially, the framework for implementing the program came from the oil and hazardous substances National Contingency Plan.
While the Galey and Lord cleanup is a long-term project, the agricultural fields that received sludge as fertilizer might take even longer than 10 to 20 years to cleanup, if federal officials deem ...
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