Dayton Reporter

Congressman Mike Turner (OH-10) and Congresswoman Mikie Sherrill (NJ-11) have reintroduced the Brownfields Redevelopment Tax Incentive Reauthorization Act, a bipartisan legislation aimed at restoring an expired tax incentive for brownfield redevelopment. The legislation will allow developers to fully deduct the costs of environmental remediation of brownfields in the year the costs were incurred.

Brownfields are underutilized, often vacant, industrial and commercial areas that remain undeveloped due to environmental contamination concerns. There are an estimated 450,000 or more brownfields across the country. The Brownfields Tax Incentive was first passed in 1997 and allowed taxpayers to deduct remediation expenditures for the cleanup of a property if it was used for trade, business, or producing income. However, the incentive expired on January 1, 2012, and Congress has failed to reauthorize it since then.

Congressman Turner, who has championed this legislation since 2018, spoke about the importance of brownfield redevelopment based on his experience as the Mayor of Dayton. He identified a brownfield redevelopment project that led to the construction of the Dragons' home, which has become a vibrant economic and social anchor in Downtown Dayton. He believes that communities nationwide can use the Dayton model to spur private investment and repurpose brownfields for development.

Congresswoman Sherrill also emphasized the significance of brownfields redevelopment, stating that it provides opportunities to transform abandoned and environmentally hazardous sites into new business opportunities and community spaces. She mentioned the positive results in communities like Bloomfield, where a brownfield site was turned into a community park and flood mitigation area. With the restoration of the tax credit, she believes that these projects will create jobs, expand opportunities for businesses, and increase property values.

The reintroduction of the Brownfields Redevelopment Tax Incentive Reauthorization Act aims to offset the high costs associated with brownfield redevelopment, making it easier to move forward with such projects. By restoring the tax incentive, developers will have the financial support needed to revitalize brownfields and turn them into valuable assets for communities.

This bipartisan legislation is a step towards promoting economic growth, job creation, and environmental remediation. It recognizes the potential of brownfields to be transformed into thriving business centers, residential areas, and recreational spaces. With the support of Congressman Turner and Congresswoman Sherrill, it is hoped that this legislation will gain the necessary traction to be passed and reestablish the tax incentive for brownfield redevelopment.

To find out more, go to this link: https://turner.house.gov/2023/11/reps-turner-sherrill-reintroduce-bipartisan-legislation-to-restore-brownfields-tax-incentive