Brownfields Redevelopment Tax Incentive Reauthorization Act of 2021
This bill extends through 2024 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). The bill applies to expenditures paid or incurred after December 31, 2020.
[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4427 Introduced in House (IH)]
<DOC>
117th CONGRESS
1st Session
H. R. 4427
To amend the Internal Revenue Code of 1986 to extend expensing of
environmental remediation costs.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 13, 2021
Ms. Sherrill (for herself and Mr. Turner) 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 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. SHORT TITLE.
This Act may be cited as the ``Brownfields Redevelopment Tax
Incentive Reauthorization Act of 2021''.
SEC. 2. EXTENSION OF EXPENSING OF ENVIRONMENTAL REMEDIATION COSTS.
(a) In General.--Section 198(h) of the Internal Revenue Code of
1986 is amended by striking ``incurred after December 31, 2011'' and
inserting the following: ``incurred--
``(1) after December 31, 2011, and before January 1, 2021,
or
``(2) after December 31, 2024.''.
(b) Effective Date.--The amendment made by subsection (a) shall
apply to expenditures paid or incurred after December 31, 2020.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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