In 1998, the Florida Legislature created the Voluntary Cleanup Tax Credit (VCTC) to encourage participants to conduct voluntary cleanup of certain drycleaning 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 $2 million authorization and are valid against Florida Corporate Income Tax. Tax credit awards in excess of $2 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 |
We are currently in the rulemaking process for Chapter 62-788, F.A.C.
Until the final rule is promulgated, please use the draft application form dated August 26, 2008 that is
located on the Rule Development
Page.
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 and paid during 2008 must be claimed in an application submitted to the Division of Waste Management by February 2, 2009. No prior year costs can be claimed in an annual site rehabilitation tax credit application.
VCTC Summary
Fiscal Year |
Eligible Sites |
Total Award |
Unallocated Authorization |
| FY 1998-1999 |
1 |
$30,228 |
$0 |
| FY 1999-2000 |
3 |
$118,438 |
$0 |
| FY 2000-2001 |
5 |
$213,852 |
$0 |
| FY 2001-2002 |
9 |
$494,194 |
$0 |
| FY 2002-2003 |
13 |
$1,068,049 |
$0 |
| FY 2003-2004 |
16 |
$1,093,319 |
$0 |
| FY 2004-2005 |
13 |
$1,190,542 |
$0 |
| FY 2005-2006 |
14 |
$1,314,699 |
$0 |
| FY 2006-2007 |
19 |
$2,000,000 |
$0 |
| FY 2007-2008* |
40 |
$2,000,000 |
$0 |
| FY 2008-2009* |
3** |
$2,000,000 |
$0 |
| FY 2009-2010 |
NA |
$385,093 |
$1,614,907 |
* Tax credit awards in excess of $2 million for any given fiscal year are issued from the next available authorization.
** To date, 3 applications for calendar year 2008 costs have been allocated from the FY 2009-2010 authorization.
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Related Links
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Voluntary Cleanup Tax Credit
