THIS SEARCH     THIS DOCUMENT     GO TO
Next Hit        Forward           New Bills Search
Prev Hit        Back              HomePage
Hit List        Best Sections     Help
                Contents Display   

HR 877 IH

To amend the Internal Revenue Code of 1986 to expand the expensing of environmental remediation costs.

February 17, 2005

Mr. WELLER (for himself, Mr. BECERRA, and Mrs. JOHNSON of Connecticut) introduced the following bill; which was referred to the Committee on Ways and Means

To amend the Internal Revenue Code of 1986 to expand the 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. EXPANSION OF EXPENSING OF ENVIRONMENTAL REMEDIATION COSTS.

(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) Expansion of Eligible Contaminates-

(1) IN GENERAL- Section 198(c)(1)(B) of the Internal Revenue Code of 1986 (defining qualified contaminated site) is amended by striking `hazardous substance' and inserting `hazardous or toxic substance, or in which is located 1 or more structures in which such substance is found or of which such substance is a part'.

(2) HAZARDOUS OR TOXIC SUBSTANCE- Section 198(d)(1) of such Code (defining hazardous substance) is amended--

(A) by inserting `or toxic' after `hazardous' in the matter preceding subparagraph (A),

(B) by striking `and' at the end of subparagraph (A),

(C) by striking the period at the end of subparagraph (B) and inserting a comma, and

(D) by adding at the end the following new subparagraphs:

`(C) any substance which is listed as an extremely hazardous substance under section 302(a) of the Emergency Planning and Community Right-to-Know Act of 1986, and

`(D) any oil (as defined in section 1001(23) of the Oil Pollution Act of 1990).'.

(3) CONFORMING AMENDMENTS-

(A) Paragraphs (1) and (2) of section 198(b) of such Code are each amended by inserting `or toxic' after `hazardous'.

(B) Section 198(d)(2) of such Code is amended by striking `of such Act' and all that follows and inserting `of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 by reason of subparagraph (A) or (C) of subsection (a)(3) thereof.'.

(C) The heading for section 198(d) of such Code is amended by inserting `or Toxic' after `Hazardous'.

(c) 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.

(d) Effective Date- The amendments made by this section shall apply to expenditures paid or incurred after the date of the enactment of this Act in taxable years ending after such date.

THIS SEARCH     THIS DOCUMENT     GO TO
Next Hit        Forward           New Bills Search
Prev Hit        Back              HomePage
Hit List        Best Sections     Help
                Contents Display