HR 5472
Brownfield Revitalization and Remediation Act
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Bill overview
This bill, the Brownfield Revitalization and Remediation Act, aims to make it easier for businesses and property owners to clean up contaminated sites, known as brownfields. It restores and expands the ability to immediately deduct expenses related to environmental remediation, and clarifies that certain assessment and monitoring costs are now included in these deductions. The bill also defines brownfield sites more clearly and treats pollutants and contaminants as hazardous substances for tax purposes.
Key provisions
- Restores and expands the ability to immediately deduct qualified environmental remediation expenditures.
- Includes reasonable assessment, investigation, and monitoring expenses as deductible.
- Specifically defines ‘brownfield site’ for tax purposes.
- Treats pollutants and contaminants as hazardous substances for tax deductions.
Who is affected
- Businesses
- Property Owners
- Environmental Remediation Companies
- Government Agencies (involved in brownfield cleanup)
Notable changes
- Expands the definition of eligible remediation expenses.
- Clarifies the tax treatment of assessment and monitoring costs.
- Provides a clearer definition of ‘brownfield site’ under tax law.
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119th CONGRESS — 1st Session
H. R. 5472
IN THE HOUSE OF REPRESENTATIVES
A BILL
To amend the Internal Revenue Code of 1986 to restore and expand the expensing of qualified environmental remediation expenditures, and for other purposes.
This Act may be cited as the Brownfield Revitalization and Remediation Act
.
Section 198(h) of the Internal Revenue Code of 1986 is amended to read as follows:
after December 31, 2011, and before January 1, 2025, or
after December 31, 2029.
(including reasonable expenditures for the assessment, investigation, and monitoring of such site in connection with such abatement or control)after
qualified contaminated site.
(other than a brownfield site (as defined in section 101(39) of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980))after
qualified contaminated site.
Section 198(d)(1) of such Code is amended—
andat the end of subparagraph (B),
by redesignating subparagraph (C) as subparagraph (D), and
by inserting after subparagraph (B) the following new subparagraph: