BW&A works with a variety of other tax credit programs in addition to the ones already listed. These programs include
Brownfield Tax Credits
Numerous states have developed Brownfield Tax Credits as well as other financial incentives to help pay for the costs to clean-up properties whose environmental condition has been harmed by previous uses of the site. Brian Wishneff & Associates can help identify whether your project would be eligible for Brownfield financial incentives. If your project is deemed eligible, we can assist in securing these incentives and, if tax credits are available, we can help find a tax credit investor and structure the transaction. Please contact us if you think you have a real estate development project that could take advantage of these incentives.
Enterprise Zone Tax Credits
Numerous states and localities have established enterprise zones designed to encourage investment in certain geographic areas. These are usually known as enterprise zone tax credits (EZTC) and can be designated using census data. Investments that result in job creation or development in these areas may be eligible for income tax, real estate tax credits, and/or grants. Please contact Brian Wishneff & Associates and we can help determine whether your project is eligible for this type of assistance. If we determine you could take advantage of these tax credits, we can manage the process of obtaining the credits, securing a purchaser of the credits and structuring the transaction, and/or securing the grants. These incentives may also be combined with other programs that may provide significant financial assistance for your project or property.
Land Preservation Tax Credits
Individuals who donate land or easements for conservation often qualify for a federal tax deduction. In addition, in these donations may also qualify for state tax incentives. Each state’s program is unique, and qualifying for a federal tax credit does not automatically qualify a donor for a state benefit. For an example, note Virginia LPTC below. Please contact Brian Wishneff and Associates to learn more about a particular state’s land preservation tax incentives.
Virginia Land Preservation Tax Credit
Virginia is one state that has a popular land preservation tax credit. The Virginia Land Conservation Incentives Act of 1999 allows Virginia taxpayers who donate land or conservation easements to claim a credit against their Virginia state income tax liability of 40% of the value of the donated land or easement. For example, if your easement is valued at $500,000, the credit is $200,000. The amount of the credit used may not exceed the amount of state income tax otherwise due. Any portion of the credit that is not used up in the year the land or easement is donated can be carried over for an additional 13 years. Moreover, donors who have more credit than they can use may sell their tax credits to other taxpayers. This represents a significant incentive for land conservation in Virginia.
If you have Virginia Land Preservation Tax Credits that are available, are interested in investing in these credits, or would just like to learn more about the program, please contact Brian Wishneff & Associates for more information.