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Printer Friendly    Text Version  Email Page < Back to Taxes Page   Business Taxes     Return to Index of Tax FAQs     SBT Brownfield Redevelopment Credit   What is the brownfield credit?   For what years is this credit available?   What is a project? How does it differ from a credit?   What is eligible property? May more than one SBT project be approved on an eligible property?   May I claim an SBT credit for the cost of eligible activities? How does eligible investment differ from eligible activity?   When does eligible investment begin? What method of accounting may be used to record the cost of eligible investment?   May the cost of leased equipment be included in eligible investment?   May the cost of Machinery and Equipment be included in eligible investment if moved to the Eligible property from another location?   Who is qualified to take the credit?   Does an applicant have to own or lease the eligible property at the time they apply for preapproval?   Does this brownfield credit replace the "old" brownfield credit? May I take both?   May I apply for a brownfield credit if the project has already begun?   How do I apply for the credit? What is the process? Are there any limitations?   Is there a fee to apply?   What attachments must be submitted with the preapproval request?   Who must submit the application? What if all participants are not known at the time of application?   What are the criteria used by the State Treasurer or his designee and MEGA in deciding whether or not to approve an application?   Will information submitted with an application be available to anyone who requests it?   How soon may I expect a response from my application for preapproval? How does the 45 or 65 day statutory deadline work?   May the maximum total eligible investment be amended after the issuance of the preapproval letter?   May an application for preapproval be amended prior to the issuance of the preapproval letter?   When is a project complete?   What if the details of the project change? May a project be amended after a preapproval letter has been issued?   Is a credit ever available prior to the completion of the entire project? How does a Multiphase project work?   What do I submit when the entire project is completed?   What if the cost of eligible investment exceeds the amount in the preapproval letter? How will cost overruns be handled?   How long will it take to obtain a Certificate of Completion? Must I submit a request by a certain date to assure that it will be processed before the end of my taxable year?   May credits be taken by more than one qualified taxpayer for the same project? May a taxpayer take a credit on more than one project?   When is the SBT credit claimed?   What must be attached to the SBT return in order to claim the credit?   In what order is this credit taken?   What if the credit exceeds my tax liability for the year?   May a qualified taxpayer assign the approved credit to a purchaser or lessee of the property? Are there provisions for an assignment to a lessee who is not yet known?   May a Partnership, S Corporation, or Limited Liability Company assign the approved credit to its owners (Partners, Shareholders, and Members)?   What if I sell, dispose of, or transfer to another location, personal property used to calculate this credit?   Are any types of business activities prohibited from being included as eligible investment?   How may I obtain forms and general information about the credits?   Definitions

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