Archive | Financial Incentives RSS feed for this section

Brownfield cleanup tax credit passes Illinois Senate (SB 3212)

29 Mar

The Illinois Senate has passed Senate Bill 3212 and the bill has now moved to the House.  SB 3212 creates a state income tax credit for projects in the IEPA’s Site Remediation Program which are approved by local authorities and will “create at least 10 new jobs, retain 25 jobs, or a combination thereof.”  75% of the credit can be taken in the year the credit is initially approved and the remaining 25% can be taken once a No Further Remediation (NFR) letter is received, although the Department of Commerce and Economic Opportunity will have the authority to withhold the remaining 25% until the required jobs are created and documented.  Parties responsible for the pollution are not allowed to receive the income tax credit.

Senate Bill 3212

If you have any questions regarding SB 3212 and brownfield remediation, contact us at 773-609-5320, info@thornenvironmentallaw.com, or through our web contact form.

Disclaimer: This article cannot, and does not, create any attorney/client or consultant/client relationship.

Conservation Easement Act of 2011

5 Sep

The Senate and House passed HR 1964 which removed the December 31, 2011 deadline for certain conservation donations made by individuals and corporations in Section 170 of the Internal Revenue Code.  Thus, individuals and companies may continue to reap tax benefits for donating property and conservation easements to eligible recipients such as a non-profit organization or a unit of government.   For most corporations the maximum annual deduction is the excess of the donor’s taxable income over 10% of the donor’s taxable income.  For most individuals the maximum donation is 50% of the taxpayer’s contribution base for the taxable year.

Conservation easements have been especially appealing to many industrial and commercial businesses because the conservation easements reduce the taxable basis for real estate and provide for tax deductions over several years assuming the conservation easement was donated and not sold.  In many instances the companies may still use the property for commercial purposes.  For example, many paper and lumber companies have donated conservation easements on their property, ceding their ability to develop the property, but still allowing for the forests to be harvested according to certain best management practices.  Many land trusts, other non-profits, and governments are eager to hold these conservation easements because they are able to protect much more property than if they had to purchase the property outright.

If you have any questions regarding conservation easements or donations, contact us at 773-609-5320, info@thornenvironmentallaw.com, or through our web contact form.

Disclaimer: This article cannot, and does not, create any attorney/client or consultant/client relationship.

-->