More often than not, environmental cleanups pose a significant financial challenge for clients. At Norfolk, we have found it helpful to meet with clients and stakeholders to help them identify and pursue the best financing options available. From state brownfields tax credits and federal tax deductions to UST reimbursement funds and insurance policies, Norfolk can help you find the funding best suited to you and your project. If a loan is what you need, Norfolk can help explain the situation to your financier to take some of the uncertainty out of lending.
Some examples of how we work with our clients include;
Norfolk recently helped the owner of a former gasoline station petition for reinstatement of eligibility for 1.5 million dollars in reimbursement funds.
We have helped municipalities identify, pursue, and receive millions of dollars in grants.
An elderly homeowner was faced with cleaning up a serious home heating oil spill. She had exhausted all funding options but was ineligible for "financial inability" status from the state and had been denied a bank loan. Norfolk worked with her bank to quantify the financial risks and structure the cleanup project such that she could tap the equity in her home to clean up the property.
Several of our clients who have financed their cleanups "out of pocket" have been pleasantly surprised to find that they could recover 25 to 50% of their cleanup costs through tax credits.
When a client had a leak from a gasoline tank, their insurance carrier initially denied coverage. Norfolk worked with the client, insurance agent, and attorney to provide supporting justification for the claim, such that the insurance carrier agreed to provide coverage, saving the client nearly $100,000.
If you have questions about how to pay for your environmental cleanup or if you have already paid for an environmental cleanup and would like to find out if you might be eligible for a tax credit, please contact Jon Kitchen at (508) 747-7900 x154.
You can also read more about our site remediation and brownfield redevelopment services by following the links.
Norfolk is an environmental consulting and engineering firm which provides technical advice on the cleanup of hazardous waste sites. While Norfolk helps clients identify funding we do not provide tax, legal, or financial advice.
Find out if you qualify for a Brownfields Tax Credit!
A former chromium plating facility in Attleboro has been designated as a superfund site to cleanup the contamination from the former operations. The 2.7 acre site used to be operated by Walton & Lonsbury, Inc, and for over a 30 year period through 1970, all wastes generated from the facility were discharged into a wetland resource area on the site by an underground pipe. Now the site contains contaminants such as chromium, hexavalent chromium, lead, and volatile organic compounds.
In order to clean up the site, workers will need to dismantle and remove plating tanks, excavated the foundation and contaminated soil, clear the wooded wetland area, and treat the contaminated wetland soils. As part of the remediation process, the contractor will use a dry-soil mixing process to bind existing soil with cement in-situ. Once the contaminants have been adressed, the land will be turned over for a housing development.
For questions about site remediation or site assessments, please contact Brian V. Moran, P.E. at (508) 747-7900 or check out our remediation page.
Information for this post taken from the July 30, 2012 edition of Engineering News-Record, Page U9.
In Massachusetts, environmental clean-up of brownfields sites can receive as much as a 50% refund in the form of a tax credit. Learn about the Brownfields Tax Credit and find out if you qualify!
The EPA has announced that it is backing the reinstatement of the Superfund Tax. The Superfund is essentially a trust fund created by CERCLA legislation that finances clean-up at sites where the responsible parties either can’t be found or are financially unable to pay for clean-up activities. Prior to 1995, a Superfund tax was used to maintain cash flow within the Superfund. The tax was levied on petroleum and chemical companies based on usage and importation with a secondary special income tax on corporate profits. Since the tax expired in 1995, the amount of cash available within the Superfund to clean-up these so-called orphan sites has dwindled. The Superfund has been kept alive through the use of funds from the US General Treasury. The intention of the Superfund was that “polluters pay”, such that the companies using and importing the chemicals would pay for clean-up, not the general public. The 2010 budget proposed by President Obama includes reinstatement of the Superfund tax, beginning in January 2011 and extending for 10 years. This proposal is backed by the EPA and has the potential to generate over $17 billion during the proposed timeline. The tax would be imposed on crude oil, imported petroleum products, hazardous chemicals, and imported substances that use hazardous chemicals on feedstocks with an additional corporate environmental tax (applied to corporate-modified alternative minimum taxable income).