WOULD YOUR SITE QUALIFY FOR A VOLUNTARY CLEANUP TAX CREDIT (VCTC)?

In 1998, the Florida Legislature created the Voluntary Cleanup Tax Credit (VCTC) to encourage participants to conduct voluntary cleanup of certain drycleaning solvent contaminated sites and brownfield sites in designated brownfield areas.  Participants may be private or public entities, but they must meet the eligibility criteria established under Sections 376.3078, 376.30781, and 376.82, F.S, as applicable, and they must enter into either a Voluntary Cleanup Agreement, for drycleaning solvent cleanup, or a Brownfield Site Rehabilitation Agreement.  Tax credit certificates are awarded by the Florida Department of Environmental Protection from an annual $5 million authorization and are valid against Florida Corporate Income Tax.  Tax credit awards in excess of $5 million for any given fiscal year are issued from the next available tax credit authorization.  Click HERE to view the table that summarizes the available types of tax credits and for additional information. Source: FDEP