Source: Environmental & Land Development Advisories
6/27/12
Last month, Governor Deal signed HB 1102, amending Georgia’s brownfields law to encourage
more reuse and redevelopment of hazardous sites. These amendments include (1) a 30-day grace
period for buyers of qualifying property to seek a limitation of liability; (2) automatic liability limitations
to future recipients of qualified properties; and (3) preferential treatment of brownfield property for
tax purposes.
First, HB 1102 expands the definition of a “prospective purchaser” under the brownfields law to include
“a person who has applied for a limitation of liability pursuant to this article within 30 days of acquiring
title to a property where there is a preexisting release.” Before this amendment, a prospective
purchaser was required to apply to the Georgia Environmental Protection Division for a limitation of
liability prior to purchasing the property. This amendment relieves sellers of the obligation to permit
soil and groundwater testing prior to a sale, plus gives purchasers a 30-day grace period to conduct
testing after obtaining title to the land.
Second, the new legislation makes clear that the benefit of the limitation on liability runs with the land
to future owners (so long as they are neither a previous owner, nor a contributor to release at the
property). In other words, the limitation of liability for brownfield properties will now “automatically
inure to the benefit” of these future owners, rather than just being fully transferable by the person to
whom the limitation is granted.
Third, HB 1102 grants existing brownfield purchasers potentially up to 15 years to recover the related
tax benefits. The brownfields law previously allowed property owners to apply for “preferential
assessment” of brownfield property to reduce property taxes for up to 10 years, but HB 1102 extends
the preferential assessment period when “construction or improvements on the property commenced
but thereafter ceased” for more than 180 days, construction or improvements resumed after the delay and the owner submits a sworn certificate stating the relevant dates.
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Showing posts with label Georgia. Show all posts
Showing posts with label Georgia. Show all posts
Thursday, July 12, 2012
Friday, April 6, 2012
Study: Metro Atlanta's poor, minorities live near worst pollution
SOURCE: T Wheatley
The team identified five of metro Atlanta's "environmental justice hotspots" — the worst of which is the area where Douglas, Fulton and Cobb counties converge near Fulton Industrial Boulevard and the Chattahoochee River.
[MORE]
Thursday, March 22, 2012
Georgia State Rep. Lynn Smith's brownfield legislation passes House
State Rep. Lynn Smith, R-Newnan, is author of a bill intended to help encourage people to clean up and redevelop "brownfields."The Georgia Brownfield program offers liability protection and tax incentives for those who clean up environmentally damaged land.Under HB 1102, which passed the Georgia House of Representatives by a vote of 162 to 1, a person who purchases a brownfield property can apply for the brownfield program up to 30 days after closing on the property. Under current law, the application must be made before the person actually purchases the property. [More]
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