To amend the Internal Revenue Code of 1986 to extend the deduction for expensing of environmental remediation costs.

Amends the Internal Revenue Code to extend through 2013 the election to expense (i.e., deduct in the current taxable year) environmental remediation costs (i.e., costs for the abatement or control of hazardous substances at a qualified contaminated site).

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3997 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 3997

To amend the Internal Revenue Code of 1986 to extend the deduction for 
             expensing of environmental remediation costs.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 9, 2012

  Mr. Barrow 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 extend the deduction for 
             expensing of environmental remediation costs.

    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.

    (a) In General.--Subsection (h) of section 198 of the Internal 
Revenue Code of 1986 (relating to termination) is amended by striking 
``December 31, 2011'' and inserting ``December 31, 2013''.
    (b) Effective Date.--The amendment made by this section shall apply 
to expenditures paid or incurred after December 31, 2011.
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