Boston, MA July 17, 2013 - Bob Dorfman, president of Dorfman Capital ("DORFMAN") and Hal Davis, president of New England Economic Development, Corp ("NEED") announces that on July 12, 2013, Governor Duval Patrick signed the 2013-2014 budget that includes a five year extension through December 31, 2018 of the MA Brownfields Tax Credit program.
Without the extension, this vital tax credit program was scheduled to terminate on December 31, 2013. Many Brownfield remediation projects would have been left in limbo without knowing if the credit would have been available for their projects. This concern, for the next five years, is now removed.
Dorfman Capital and New England Economic Development Corp. were responsible for drafting the legislation and working for its adoption.
The Commonwealth of Massachusetts first created the Brownfields tax credit program in 1998 and amended the legislation in 2006 to allow the credits to be transferred, sold or assigned. This credit provides an incentive to developers to cleanup qualifying sites in the form of tax credits useable against Massachusetts income tax. Both for-profit and not-for-profit developers are eligible to receive the credit and generally sell the credit to third parties. Purchase of the credits affords its investors an opportunity to save on state taxes, while supporting environmental cleanups in the state.
Together since 2009 DORFMAN and NEED have qualified over 70 projects for MA Brownfields Tax Credits representing over $70 million of tax credits originated and sold.
About Dorfman Capital
Dorfman Capital specializes in the qualification and sale of tax credits for the redevelopment of brownfields and the preservation of historic buildings. These tax credits are an integral component of the financing for real estate redevelopment and reuse projects. Dorfman Capital has raised over $1 billion in capital for its clients.
About Economic Development Incentives Inc.
Economic Development Incentives Inc. was established to serve real estate owners who develop brownfield sites and are eligible MA brownfields tax credits. The principals of Economic Development Incentives Inc. bring a unique blend of legal, finance and economic development experience having structured and raised in excess of several billion of financing.