by Stephen J. Humes, Holland & Knight LLP

Buried in an 881-page budget bill passed Thursday by the Connecticut General Assembly was a new program to support remediation and reuse of brownfields – properties long contaminated and underutilized – as well as new job creation while rewarding investors with a new state income tax credit for remediation expenditures.

The new program, called the 7/7 Brownfields Program, creates new incentives the Connecticut Department of Economic and Community Development (DECD) can use to reward new investors for cleaning up contaminated sites and reusing them while creating local jobs in the process. Qualifying investors can apply a credit for the expenditures against their Connecticut state income tax liability for seven years and use the credit to offset sales and use taxes.

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