Amends the Internal Revenue Code to permit, as specified, the issuance of tax-exempt qualified contaminated site remediation bonds.
[Congressional Bills 105th Congress]
[From the U.S. Government Printing Office]
[H.R. 996 Introduced in House (IH)]
105th CONGRESS
1st Session
H. R. 996
To amend the Internal Revenue Code of 1986 to permit the issuance of
tax-exempt bonds to finance environmental remediation of contaminated
sites.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 6, 1997
Mr. Weller (for himself, Mr. Lipinski, Mr. Crane, Mr. Rush, Mr. Fawell,
Mr. Jackson of Illinois, Mr. Manzullo, Mr. Gutierrez, Mr. English of
Pennsylvania Mr. Blagojevich, Mr. Shays, Mr. Davis of Illinois, Mr.
Costello, and Mr. Evans) introduced the following bill; which was
referred to the Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to permit the issuance of
tax-exempt bonds to finance environmental remediation of contaminated
sites.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. TAX-EXEMPT FINANCING OF ENVIRONMENTAL REMEDIATION OF
QUALIFIED CONTAMINATED SITES.
(a) In General.--Subsection (e) of section 141 of the Internal
Revenue Code of 1986 (defining qualified bond) is amended by striking
``or'' at the end of subparagraph (F), by redesignating subparagraph
(G) as subparagraph (H), and by inserting after subparagraph (F) the
following new subparagraph:
``(G) a qualified contaminated site remediation
bond, or''.
(b) Qualified Contaminated Site Remediation Bond.--Section 144 of
such Code is amended by adding at the end thereof the following new
subsection:
``(d) Qualified Contaminated Site Remediation Bond.--For purposes
of this part--
``(1) In general.--The term `qualified contaminated site
remediation bond' means any bond issued as part of an issue 95
percent or more of the proceeds of which are to finance--
``(A) the acquisition of a qualified contaminated
site, or
``(B) the costs of environmental remediation with
respect to such a site which is owned by the person
incurring such costs.
``(2) Limitations.--
``(A) In general.--Such term shall not include any
bond issued to provide financing with respect to a
qualified contaminated site if--
``(i) any amount of such financing is
provided directly or indirectly to any
ineligible person,
``(ii) less than 60 percent of the amount
of the financing so provided with respect to
such site is for costs described in paragraph
(1)(B), or
``(iii) the amount of the financing so
provided to acquire such site exceeds the
excess of--
``(I) the fair market value of the
site after the completion of the
environmental remediation, over
``(II) the amount of the financing
so provided with respect to such site
for costs described in paragraph
(1)(B).
``(B) Ineligible person.--For purposes of
subparagraph (A), a person is an ineligible person with
respect to any site if--
``(i) at any time on or before the date of
the enactment of this subsection such person
was the owner or operator of any business on
such site,
``(ii) at any time before, on, or after
such date of enactment such person--
``(I) had (by contract, agreement,
or otherwise) arranged for the disposal
or treatment of any hazardous materials
at such site or arranged with a
transporter for transport for disposal
or treatment of any hazardous materials
at such site, or
``(II) had accepted any hazardous
materials for transport to such site,
or
``(iii) the person is related to any person
referred to in clause (i) or (ii).
``(C) Related Person.--For purposes of this
paragraph, persons shall be treated as related to each
other if such persons are treated as a single employer
under the regulations prescribed under section 52(b) or
such persons bear a relationship to each other
specified in section 267(b) or 707(b).
``(3) Restriction on land acquisition not to apply.--
Section 147(c) shall not apply to any qualified contaminated
site remediation bond.
``(4) Qualified contaminated site.--
``(A) In general.--For purposes of this subsection,
the term `qualified contaminated site' means any site
if the appropriate agency certifies that at least 1 of
the following environmental conditions is present on
such site:
``(i) A release or threatened release of
any hazardous, toxic, or dangerous substance.
``(ii) Any storage tanks which contain any
hazardous, toxic, or dangerous substance.
``(iii) Any illegal disposal of solid
waste.
Such term shall not include any site listed on the
National Priorities List under the Comprehensive
Environmental Response, Compensation, and Liability Act
of 1980.
``(B) Appropriate agency.--For purposes of
subparagraph (A), the appropriate agency is--
``(i) the agency of the State in which the
site is located which is designated by the
Administrator of the Environmental Protection
Agency for purposes of this paragraph, or
``(ii) if the agency described in clause
(i) designates an agency of the local
government in which the site is located for
purposes of this paragraph, such local
government agency.
``(5) Hazardous, toxic, or dangerous substance.--For
purposes of this subsection, any substance, waste, or material
shall be treated as a hazardous, toxic, or dangerous substance
if it is so treated under--
``(A) the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980 (42 U.S.C. 9601
et seq.),
``(B) the Resource Conservation and Recovery Act
(42 U.S.C. 6901 et seq.), or
``(C) any State or local environmental law or
ordinance.
The following materials shall in any event be treated as such a
substance: petroleum or crude oil or any derivative thereof,
friable asbestos or any asbestos containing material,
polychlorinated biphenyls, or urea formaldehyde foam
insulation.
``(6) Environmental remediation.--For purposes of this
subsection, the term `environmental remediation' means--
``(A) removal or remediation activity, including
soil and ground water remediation,
``(B) restoration of natural, historic, or cultural
resources at the site or the mitigation of unavoidable
losses of such resources incurred in connection with
the remediation or response activity,
``(C) health assessments or health effects studies,
``(D) environmental investigations,
``(E) remediation of off-site contamination caused
by activity on the site, and
``(F) any other costs reasonably required by reason
of the environmental conditions of the site including
demolition of existing contaminated structures, site
security, and permit fees necessary for remediation.''
(c) Clerical Amendments.--
(1) The section heading for section 144 of such Code is
amended by inserting before the period ``; qualified
contaminated site remediation bond''.
(2) The table of sections for subpart A of part IV of
subchapter B of chapter 1 of such Code is amended by inserting
before the period at the end of the item relating to section
144 ``; qualified contaminated site remediation bond''.
(d) Effective Date.--The amendments made by this section shall
apply to bonds issued after the date of the enactment of this Act.
<all>
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E412)
Referred to the House Committee on Ways and Means.
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