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Form IT-612 Claim for Remediated Brownfield Credit for

Form IT-612 Claim for Remediated Brownfield Credit for 2025

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The document IT-612 is a form issued by the Department of Taxation and Finance for claiming the Remediated Brownfield Credit for real property taxes on qualified sites accepted into the Brownfield Cleanup Program before July 1, 2015. It outlines the necessary information and schedules required to file for this credit, including details about the brownfield site, employment numbers, and computation of eligible credits. The form must be filed with personal income tax returns and includes specific instructions for various types of filers.

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Versions	Form popularity	Fillable & printable
2023	4.9 Satisfied (45 Votes)
2022	4.1 Satisfied (40 Votes)
2021	4.8 Satisfied (60 Votes)
2020	4.1 Satisfied (46 Votes)

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How do brownfield tax credits work?

How the Program Works: By using the federal brownfields tax incentive, environmental cleanup costs are fully de- ductible in the year that they are incurred, rather than capitalized over time (up to 30 years in some cases).

What is the brownfield remediation?

Brownfield remediation is the removal or sealing off of that contaminant so that a site may be used again without health concerns. There are hundreds of thousands of brownfields in the United States, including many prime downtown and waterfront properties.

What is the Brownfield remediation tax credit?

The Brownfields Tax Incentive first passed as part of the Taxpayer Relief Act of 1997. It allowed taxpayers to deduct remediation expenditures for the cleanup of a property if the property was used for trade, business, or producing income.

What is tax abatement credit?

Key Takeaways. An abatement is a tax break offered by a state or municipality on certain types of real estate or business opportunities. A real estate tax abatement may reduce a homes property taxes for a period of time, or may grant tax breaks to businesses.

How does the 30% tax credit work for geothermal?

Advantages for Brownfields Site Redevelopers: Brownfields redevelopers can choose to sell or syndicate rehabili- tation tax credits in exchange for an upfront cash investment in the project.