In
1998, the Florida Legislature created the Voluntary Cleanup Tax Credit
(VCTC) to encourage participants to conduct voluntary cleanup of certain
dry cleaning 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. The table below summarizes the
available types of tax credits. Please see
Section 376.30781, F.S.,
for more detailed information.
| Tax Credit Type | |||||
| Site Rehabilitation |
Site Rehabilitation Completion Order (NFA) Bonus |
Affordable Housing Bonus |
Health Care Bonus |
Solid Waste |
|
| Application Frequency | Annually | Once | Once | Once | Once |
| Maximum Credit for Costs Incurred and Paid from 07/01/1998 to 06/30/2006 | 35%; $250,000 |
10%; $50,000 |
N/A | N/A | N/A |
| Maximum Credit for Costs Incurred and Paid after 06/30/2006 | 50%; $500,000 |
25%; $500,000 |
25%; $500,000 |
N/A | 50%; $500,000 |
| Maximum Credit for Costs Incurred and Paid after 12/31/2007 | 50%; $500,000 |
25%; $500,000 |
25%; $500,000 |
25%; $500,000 |
50%; $500,000 |
Application Deadline: For site rehabilitation applications, the annual application
deadline is January 31, or the following business day, of the year following the calendar year for which an applicant
is claiming site rehabilitation costs. Therefore, all site rehabilitation costs incurred during a single year (e.g. 2011) must be claimed
in an application submitted to the Division of Waste Management by January 31of the following year (e.g., 2012). No prior year costs can be claimed
in an annual site rehabilitation tax credit application.