As detailed previously, the Inflation Reduction Act (IRA) offers incentives to renewable energy development that takes place on certain properties that are affected by potential or confirmed contamination. Under the IRA, a...more
Effective February 13, 2024, prospective purchasers and ground tenants of commercial and industrial property seeking liability protections under the Comprehensive Environmental Response, Compensation, and Liability Act...more
On April 19, 2024, EPA issued its long-awaited Final Rule officially listing two key per- and polyfluoroalkyl substances (PFAS), or so-called “forever chemicals,” as “hazardous substances” under the Comprehensive...more
ASTM Standard E1527-13 died quietly on February 13, 2024, after a year of peaceful co-existence with its successor - ASTM Standard E1527-21. Both of the standards, which describe the methodology for conducting a Phase I...more
As regulation of vapor intrusion continues to evolve and escalate costs at contaminated sites, due diligence practices for vapor intrusion must also continue to evolve. Potential purchasers should consider supplementing a...more
On June 15, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued Notice 2023-45 and Notice 2023-47. Notice 2023-45 clarifies requirements for a brownfield site energy community safe harbor provided...more
On December 15, 2022, the United States Environmental Protection Agency (EPA) published the Final Rule, entitled "Standards and Practices for All Appropriate Inquiries," updating the Phase I Environmental Site Assessment...more
Every eight years, standards for environmental Phase I reports are updated – and, typically, made more detailed and stringent. The standards were most recently updated in 2021, and the updated version was approved by the U.S....more
Thanks to the Inflation Reduction Act (IRA), which went into effect in January, it can pay to be a brownfield – a term used to refer to a property that is affected by potential or confirmed contamination. Specifically, the...more
On April 4, 2023, the Department of Treasury (the “Treasury”) and the Internal Revenue Service (the “IRS”) released Notice 2023-29 (the “Notice”) providing a high-level overview of the rules they intend to include in...more
On December 22, 2022, EPA authorized use of the latest version of the ASTM standard for performing Phase 1 environmental site investigations—E1527-21, as an option for satisfying Superfund’s all appropriate inquiries (AAI)...more
On February 13, 2023, the Environmental Protection Agency’s (EPA) final rule amending the All Appropriate Inquiries (AAI) rule took effect. Under the new rule, prospective purchasers of contaminated property can use ASTM...more
The Phase I Environmental Site Assessment (“ESA”) is the quintessential environmental diligence tool for transactions involving real property. A Phase I ESA includes a site inspection and review of current and past uses and...more
Seyfarth Synopsis: ASTM 1527-21 is now in effect. The ASTM Standard for Phase I Environmental Site Assessments is evaluated every eight years. The most recent update, ASTM E1527 – 21, approved by the United States...more
For transactions in 2023 and going forward, parties who purchase property will want to be aware of an update applicable to Phase I reports. By final rule issued on December 15, 2022, the U.S. Environmental Protection Agency...more
On December 15, 2022, the Environmental Protection Agency published a final rule recognizing ASTM E1527-21 as the new standard for performing a Phase I Environmental Site Assessment (“ESA”)....more
The United States Environmental Protection Agency ("EPA") adopted an updated standard of practice for Phase I Environmental Site Assessments on December 15, 2022. The updated standard adds more refined investigation and...more
On December 15, 2022, the United States Environmental Protection Agency (“EPA”) published a final rule amending the Standards and Practices for All Appropriate Inquiries (“AAI”) to incorporate and adopt the American Society...more
The U.S. Environmental Protection Agency (“U.S. EPA”) has revised the standards by which real property purchasers, lessees and environmental professionals should conduct a Phase I Environmental Site Assessment (“Phase I...more
On December 15, 2022, the United States Environmental Protection Agency (EPA) amended its All Appropriate Inquiries Rule, publishing a final rule that incorporates an updated Phase I Environmental Site Assessment standard...more
On December 15, 2022, EPA issued a final rule amending the All Appropriate Inquiries Rule (AAI Rule), 40 CFR part 312, to recognize the updated ASTM International standard for conducting Phase I environmental site assessments...more
On December 14, U.S. EPA issued a final rule adopting ASTM Standard E1527-21 for conducting Phase I environmental site assessments. Real estate developers, lenders and investors, and all purchasers of commercial property...more
On December 15, 2022, the U.S. EPA took final action to amend the Standards and Practices for All Appropriate Inquiries to reference ASTM International’s E1527-21 “Standard Practice for Environmental Site Assessments: Phase I...more
On December 15, 2022, the EPA took final action to amend the Standards and Practices for All Appropriate Inquiries (“AAI”) to allow the use of the ASTM International revised standard. Specifically, the published final rule...more
On December 15, 2022, the United States Environmental Protection Agency (EPA) published an amendment to the All Appropriate Inquiries Rule (AAI Rule), 40 C.F.R. part 312. The AAI Rule establishes standards and practices for...more