According to Warren Kirshenbaum, of Orsi Arone Rothenberg iannuzzi & Turner, LLP, his clients, Station Place, LLC and Myrtle Sq., LLC, have successfully sold thier 2008 Mass. Brownfields Tax Credits (BTC) to a Fortune 100 international insurance conglomerate.
BTCs are issued by the Commonwealth of Mass. to developers who have successfully remediated environmentally contaminated sites. The tax credits are issued as a percentage of the developer's costs incurred in the environmental cleanup of the site.