To amend the Internal Revenue Code of 1986 to make the expensing of environmental remediation costs permanent law and to repeal the recapture of such expenses under section 1245 of such Code.

Amends the Internal Revenue Code to: (1) make permanent the current year tax deduction (expensing) for environmental remediation costs; and (2) repeal requirements for the recapture upon sale of such deduction as ordinary income.

[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1753 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 1753

  To amend the Internal Revenue Code of 1986 to make the expensing of 
    environmental remediation costs permanent law and to repeal the 
      recapture of such expenses under section 1245 of such Code.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 29, 2007

  Mr. Weller of Illinois (for himself and Mr. Becerra) 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 make the expensing of 
    environmental remediation costs permanent law and to repeal the 
      recapture of such expenses under section 1245 of such Code.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EXPENSING OF ENVIRONMENTAL REMEDIATION COSTS MADE PERMANENT; 
              REPEAL OF SECTION 1245 RECAPTURE.

    (a) Provision Made Permanent.--Section 198 of the Internal Revenue 
Code of 1986 (relating to expensing of environmental remediation costs) 
is amended by striking subsection (h).
    (b) Elimination of Recapture on Sale.--Section 198 of the Internal 
Revenue Code of 1986 is amended by striking subsection (e) and by 
redesignating subsections (f) and (g) as subsections (e) and (f), 
respectively.
    (c) Effective Dates.--
            (1) Subsection (a).--The amendment made by subsection (a) 
        shall apply to expenditures paid or incurred after December 31, 
        2006.
            (2) Subsection (b).--The amendment made by subsection (b) 
        shall apply to dispositions after the date of the enactment of 
        this Act.
                                 <all>