Form Bcta - Brownfields Credit Transfer Application - 2012 Page 2
Download a blank fillable Form Bcta - Brownfields Credit Transfer Application - 2012 in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form Bcta - Brownfields Credit Transfer Application - 2012 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2Form BCTA Instructions
What is the Brownfields Credit?
Recapture. If a transferor of any Brownfields credit ceases to main-
tain the remedy operation status or permanent solution in violation of
Non-profit organizations and taxpayers subject to tax under General
the Massachusetts Contingency Plan prior to its sale of the property
Laws chapters 62 and 63 are allowed a credit for incurring eligible
or termination of its leasehold interest, the transferor will be subject
costs to remove oil or hazardous materials on property the taxpayer
to recapture and any Brownfields credit sold will be recaptured as
owns or leases for business purposes and which is located within an
taxes due from the transferor in the year of such failure to maintain
economically distressed area. See G.L. c. 62, § 6(j) and G.L. c. 63,
the remedy operation status or permanent solution.
§ 38Q. In general, the amount of the credit will be either 25% or 50%
of certain environmental response and removal costs incurred be-
Certificate Number
tween August 1, 1998 and January 1, 2014, provided that the appli-
Enter the certificate number issued by the Massachusetts Depart-
cant commences and diligently pursues an environmental response
ment of Revenue for the Brownfields credit that is being transferred.
action before August 5, 2013.
Certificate Expiration Date
Transfer, Sale or Assignment of the Credit
Enter the certificate expiration date for the Brownfields credit that is
A taxpayer or non-profit organization intending to transfer, sell, or
being transferred.
assign a Brownfields credit (the “transferor”) must submit to the De-
partment a statement describing the amount of the Brownfields
Amount of Brownfields Credit to be Transferred
credit eligible for such transfer, sale or assignment.. The transferor
Section 1. Enter the total amount of Brownfields credit being
must also provide appropriate information so that the Brownfields
transferred.
credit can be properly allocated. The Department will issue a certifi-
Section 2. Enter the amount paid by the transferee for the Brown-
cate to the transferee reflecting the amount of the Brownfields credit
fields credit.
received. The transferee must attach the certificate to each tax re-
turn in which the Brownfield credits are claimed. St. 2006, c. 123,
Line 1. Enter the amount of Brownfields credit eligible for transfer
§§ 50 and 64.
(amount on line 1 of Form BCC unused by the taxpayer/transferor).
Compliance. The Brownfields credit can only be claimed after the
Questions or concerns relating to the Brownfields Credit Transfer
transferor has achieved and maintained a permanent solution or
Application should be directed to the Brownfields Credit Unit at
remedy operation status. Prior to claiming the credit, the transferor
617-887-6725.
must file a response action outcome statement or remedy operation
Mail completed application to: Massachusetts Department of Rev-
status submittal with the Department of Environment Protection. The
enue, Audit Division 200 Arlington Street, Room 4300 Chelsea,
Department will not recognize the transfer, sale or assignment of a
MA 02150, Attn.: Brownfields Credit Unit.
Brownfields credit prior to the date of compliance with all the require-
ments of G.L. c. 62, § 6(j), G.L. c. 63, § 38Q, G.L. c. 21E and the
Massachusetts Contingency Plan set out in 310 CMR 40.00.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial