WASHINGTON, D.C. – Today, Congressman Mike Turner (OH-10) reintroduced the Brownfields Redevelopment Tax Incentive Reauthorization Act, alongside Congresswoman Mikie Sherrill (NJ-11). This bipartisan legislation restores the expired tax incentive, thus allowing developers to fully deduct the costs of environmental remediation of brownfields in the year the costs were incurred. Congressman Turner has championed this legislation since 2018.
“During my tenure as Mayor of Dayton, I identified a brownfield redevelopment project that spurred the construction of what is now the Dragons’ home, and I have proudly worked to repurpose the Miami Valley’s brownfields for development ever since,” said Congressman Mike Turner. “Day Air Ballpark has become a vibrant economic and social anchor in Downtown Dayton, attracting hotels, breweries, and condominiums to the area. Communities nationwide can use the Dayton model to spur private investment, and I am grateful for Congresswoman Sherrill’s partnership in this meaningful effort.”
“Brownfields redevelopment are great opportunities to take abandoned and even environmentally hazardous sites and transform them into new business opportunities and community spaces that provide critical flood mitigation and contamination cleanup. Unfortunately, the high costs associated with redevelopment make it difficult to move projects forward. That’s why I’m introducing this bipartisan bill to offset the cost of revitalizing these sites. These projects will in turn create jobs, expand opportunities for businesses, and increase property values,” said Congresswoman Mikie Sherrill. “We’ve already seen positive results in communities like Bloomfield that have turned a brownfield site into a community park and flood mitigation area. With this tax credit, we will be able to build on that success and create new opportunities for housing, infrastructure, business, and recreation.”
Background:
Brownfields are defined as underutilized, often vacant, industrial and commercial areas like former gas stations and dry cleaning facilities, or abandoned factories that remain undeveloped because of environmental contamination concerns. There are an estimated 450,000 or more brownfields across the country.
The Brownfields Tax Incentive first passed as part of the Taxpayer Relief Act of 1997. It allowed taxpayers to deduct remediation expenditures for the cleanup of a property if the property was used for trade, business, or producing income. However, following a two-year extension in 2009, the incentive expired on January 1, 2012, and Congress has since failed to reauthorize this tax incentive.
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