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April 2013 Brownfields Financial Incentives Financing Brownfields? The availability of capital, especially for financing site cleanup remains the biggest barrier to brownfields reuse. Oklahoma works to address this by establishing financial incentives using direct financing tools, indirect financial assistance and tax incentives. Oklahoma Quality Jobs Act The Oklahoma Quality Jobs Act was amended to apply to basic industries that locate their principal business activities on contaminated properties of at least ten acres. These sites must qualify as a federal Superfund removal site, a National Priorities List (NPL or Superfund) site, a site formally deferred to the state in lieu of NPL listing, or a site that was remediated pursuant to an order of the Oklahoma Department of Environment Quality (including Brownfields). These companies may be eligible for the Quality Jobs Program incentive payments irrespective of their actual gross payroll or the number of full-time- equivalent employees in new direct jobs. Oklahoma Sales Tax Code Exemptions The Oklahoma Sales Tax Code allows an exemption for machinery, equipment, fuels and chemicals incorporated into the treatment process to substantially reduce the volume or harmful properties of hazardous waste at facilities approved by DEQ for the cleanup of contamination. Clean Water State Revolving Loan Fund Brownfields sites located within permitted urban storm water areas may be eligible for the Clean Water State Revolving Loan Fund. The Clean Water State Revolving Fund loan program was established by the 1987 amendments to the Federal Clean Water Act. Funds can be used to implement a variety of structural and nonstructural best management practices, storm water runoff controls, green infrastructure, and brownfields remediation projects. Proposed projects must participate in the DEQ Brownfields Program. Brownfield projects that may be eligible for funding include: Phase I, II, and III site assessments (for brownfields with water quality impacts) Excavation and disposal of underground storage tanks Excavation, removal and disposal of contaminated soils or sediments Capping of wells and well abandonment Construction of wetlands Monitoring of groundwater or surface water for brownfields contaminants Oklahoma Brownfields Cleanup Revolving Loan Fund This fund provides low interest loans to private industry, local governments and tribes for the cleanup of properties contaminated by hazardous substances. DEQ may provide subgrants to governmental entities and nonprofit organizations. This publication is issued by the Oklahoma Department of Environmental Quality as authorized by Steven A. Thompson, Executive Director. Copies have been printed at a cost of $0.1035 each. Copies have been deposited with the Publications Clearinghouse of the Oklahoma Department of Libraries. (\fact sheets\land\BrownfieldsFinancialIncentives) 4/2013
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Title | Financial Incentives 1 |
Full text | April 2013 Brownfields Financial Incentives Financing Brownfields? The availability of capital, especially for financing site cleanup remains the biggest barrier to brownfields reuse. Oklahoma works to address this by establishing financial incentives using direct financing tools, indirect financial assistance and tax incentives. Oklahoma Quality Jobs Act The Oklahoma Quality Jobs Act was amended to apply to basic industries that locate their principal business activities on contaminated properties of at least ten acres. These sites must qualify as a federal Superfund removal site, a National Priorities List (NPL or Superfund) site, a site formally deferred to the state in lieu of NPL listing, or a site that was remediated pursuant to an order of the Oklahoma Department of Environment Quality (including Brownfields). These companies may be eligible for the Quality Jobs Program incentive payments irrespective of their actual gross payroll or the number of full-time- equivalent employees in new direct jobs. Oklahoma Sales Tax Code Exemptions The Oklahoma Sales Tax Code allows an exemption for machinery, equipment, fuels and chemicals incorporated into the treatment process to substantially reduce the volume or harmful properties of hazardous waste at facilities approved by DEQ for the cleanup of contamination. Clean Water State Revolving Loan Fund Brownfields sites located within permitted urban storm water areas may be eligible for the Clean Water State Revolving Loan Fund. The Clean Water State Revolving Fund loan program was established by the 1987 amendments to the Federal Clean Water Act. Funds can be used to implement a variety of structural and nonstructural best management practices, storm water runoff controls, green infrastructure, and brownfields remediation projects. Proposed projects must participate in the DEQ Brownfields Program. Brownfield projects that may be eligible for funding include: Phase I, II, and III site assessments (for brownfields with water quality impacts) Excavation and disposal of underground storage tanks Excavation, removal and disposal of contaminated soils or sediments Capping of wells and well abandonment Construction of wetlands Monitoring of groundwater or surface water for brownfields contaminants Oklahoma Brownfields Cleanup Revolving Loan Fund This fund provides low interest loans to private industry, local governments and tribes for the cleanup of properties contaminated by hazardous substances. DEQ may provide subgrants to governmental entities and nonprofit organizations. This publication is issued by the Oklahoma Department of Environmental Quality as authorized by Steven A. Thompson, Executive Director. Copies have been printed at a cost of $0.1035 each. Copies have been deposited with the Publications Clearinghouse of the Oklahoma Department of Libraries. (\fact sheets\land\BrownfieldsFinancialIncentives) 4/2013 |
Date created | 2013-07-11 |
Date modified | 2013-07-11 |