Several months ago, I wrote an article about the new “All Appropriate Inquiry” (AAI) requirement of the Environmental Protection Agency (EPA). I recommended that you kick the tires, so to speak, on any commercial or industrial property (i.e., brownfields) before you decided to purchase it.
Brownfields are defined as real property where expansion, redevelopment or reuse has been complicated by the presence or potential presence of a hazardous substance, pollutant or contaminant. My previous article dealt with one of the deterrents to brownfield redevelopment, environmental liability. In this one, I plan to focus on some new incentives, namely tax breaks, which are now available.
The Mississippi Brownfields Voluntary Cleanup and Redevelopment Incentives Act (