Because the Riverside Mills and Lincoln Lace and Braid Mill sites are located within DEM's brownfields pilot area, they are eligible for the new Federal Brownfields Tax Incentive
. The remaining building at Riverside Mills also qualifies for state tax incentives under the recently enacted Rhode Island Mill Building and Economic Revitalization Act.
In other Superfund news, this summer's Taxpayer Relief Act (PL 105-34) contains a brownfields tax incentive
that allows environmental cleanup costs for properties in targeted areas to be fully deductible in the year in which they are incurred, rather than having to be capitalized.
BOMA International also supports the Brownfields tax incentive
, which would allow the full deduction of clean-up costs in the year in which they are incurred.
In March 1996, President Clinton proposed a brownfields tax incentive
for those who clean up and redevelop contaminated abandoned properties.
Gore also called on Congress to pass the administration's $2 million brownfields tax incentive
legislative package, included in the President's FY 98 budget.
Clinton said he had two major urban priorities he wants to enact before Congress adjourns--a second round of empowerment zones and a $2 billion brownfields tax incentive
program to encourage businesses to clean up abandoned and lightly-contaminated pieces of inner-city land.