The Brownfields Redevelopment Tax Incentive Reauthorization Act of 2021 Restores Federal Tax Deduction to Spur Economic Development and Strengthen Local Communities
Washington, DC–– Today, Representative Mike Turner (OH-10) reintroduced the Brownfields Redevelopment Tax Incentive Reauthorization Act, alongside Mikie Sherrill (NJ-11). This bipartisan bill restores an expired tax incentive allowing developers to fully deduct the costs of environmental remediation of brownfields in the year the costs were incurred. This legislation was first introduced in 2019.
“The restoration of Brownfields has been a critical issue that I have proudly worked on since I was Mayor of Dayton and supports job creation nationwide. As Mayor, I redeveloped brownfields to invest in our community and stimulate economic growth, including the construction of the Day Air Ballpark, home of the Dayton Dragons,” said Rep. Turner. “Providing brownfield tax incentives to new developers is vital for communities nationwide, and I thank Congresswoman Sherrill for joining me in this meaningful effort. I urge my fellow House colleagues to support this bipartisan legislation that will help our communities grow after a devastating year by providing a pathway for new economic development.”
“Throughout New Jersey, we’re leaving a huge amount of opportunity on the table by failing to remediate the brownfields in our communities. Cleaning up and redeveloping these sites creates jobs, beautifies neighborhoods, provides flood mitigation, and can bring huge economic growth to towns,” said Rep. Sherrill. “The legislation I am introducing today with Rep. Turner would restore a tax incentive to encourage local revitalization projects that will help transform these brownfields from potentially harmful wastelands into vital and vibrant parts of the surrounding communities. We’ve already seen this successfully done in NJ-11, where remediated brownfields have become solar panel fields in Hopatcong and a community park with athletic fields and flood mitigation areas in Bloomfield. I want to ensure that that same success can be replicated across New Jersey and across the country.”
Brownfields are vacant industrial and commercial areas like gas stations, dry cleaning facilities, or abandoned factories that remain undeveloped because of concerns over environmental contamination. 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.
Since his time as Mayor of Dayton, Rep. Turner has worked to address negative environmental impacts such as Brownfields, HABs, and Superfund sites to help make Ohio’s tenth district a cleaner, safer place to live.