by the instruments by which title to 
any qualifying brownfield property is 
conveyed or financed or by a contract 
of sale of goods or services), or 
‘‘(III) the result of a reorganiza-
tion of a business entity which was so 
potentially liable. 
‘‘(C) QUALIFYING
BROWNFIELD
PROP-
ERTY.—For purposes of this paragraph—
‘‘(i) IN GENERAL.—The term ‘quali-
fying brownfield property’ means any real 
property which is certified, before the tax-
payer incurs any eligible remediation ex-
penditures (other than to obtain a Phase I 
environmental site assessment), by an ap-
propriate State agency (within the mean-
ing of section 198(c)(4)) in the State in 
which such property is located as a 
brownfield site within the meaning of sec-
tion 101(39) of the Comprehensive Envi-
ronmental Response, Compensation, and 
Liability Act of 1980 (as in effect on the 
date of the enactment of this paragraph). 
‘‘(ii) REQUEST FOR CERTIFICATION.—
Any request by an eligible taxpayer for a
certification described in clause (i) shall in-
clude a sworn statement by the eligible 
taxpayer and supporting documentation of 
the presence of a hazardous substance, pol-
lutant, or contaminant on the property 
which is complicating the expansion, rede-
velopment, or reuse of the property given 
the property’s reasonably anticipated fu-
ture land uses or capacity for uses of the 
property (including a Phase I environ-
mental site assessment and, if applicable, 
evidence of the property’s presence on a 
local, State, or Federal list of brownfields 
or contaminated property) and other envi-
ronmental assessments prepared or ob-
tained by the taxpayer. 
‘‘(D) QUALIFIED
SALE, EXCHANGE, OR 
OTHER
DISPOSITION.—For purposes of this 
paragraph—
‘‘(i) IN GENERAL.—A sale, exchange, 
or other disposition of property shall be 
considered as qualified if—
‘‘(I) such property is transferred 
by the eligible taxpayer to an unre-
lated person, and
‘‘(II) within 1 year of such trans-
fer the eligible taxpayer has received a 
certification from the Environmental 
Protection Agency or an appropriate 
State agency (within the meaning of 
section 198(c)(4)) in the State in 
which such property is located that, as 
a result of the eligible taxpayer’s re-
mediation 
actions, 
such 
property 
would not be treated as a qualifying 
brownfield property in the hands of 
the transferee. 
‘‘(ii) REQUEST FOR CERTIFICATION.—
Any request by an eligible taxpayer for a 
certification described in clause (i) shall be 
made not later than the date of the trans-
fer and shall include a sworn statement by 
the eligible taxpayer certifying the fol-
lowing: 
‘‘(I) Remedial actions which com-
ply with all applicable or relevant and 
appropriate requirements (consistent 
with section 121(d) of the Com-
prehensive Environmental Response, 
Compensation, and Liability Act of
1980) have been substantially com-
pleted, such that there are no haz-
ardous substances, pollutants, or con-
taminants which complicate the ex-
pansion, redevelopment, or reuse of 
the property given the property’s rea-
sonably anticipated future land uses 
or capacity for uses of the property. 
‘‘(II) The reasonably anticipated 
future land uses or capacity for uses 
of the property are more economically 
productive or environmentally bene-
ficial than the uses of the property in 
existence on the date of the certifi-
cation 
described 
in 
subparagraph 
(C)(i). For purposes of the preceding 
sentence, use of property as a landfill 
or other hazardous waste facility shall 
not be considered more economically 
productive or environmentally bene-
ficial. 
‘‘(III) A remediation plan has 
been implemented to bring the prop-
erty into compliance with all applica-
ble local, State, and Federal environ-
mental laws, regulations, and stand-
ards and to ensure that the remedi-
ation protects human health and the 
environment. 
‘‘(IV) The remediation plan de-
scribed in subclause (III), including 
any physical improvements required to 
remediate the property, is either com-
plete or substantially complete, and, if 
substantially complete, sufficient mon-
itoring, funding, institutional controls, 
and financial assurances have been 
put in place to ensure the complete 
remediation of the property in accord-
ance with the remediation plan as 
soon as is reasonably practicable after 
the sale, exchange, or other disposi-
tion of such property. 
‘‘(V) Public notice that such re-
quest for certification would be made 
was completed before the date of such 
request. Such notice shall be in the 
same form and manner as required 
for public participation required under 
section 117(a) of the Comprehensive
Environmental Response, Compensa-
tion, and Liability Act of 1980 (as in 
effect on the date of the enactment of 
this paragraph). 
‘‘(iii) ATTACHMENT
TO
TAX
RE-
TURNS.—A copy of each of the requests 
for certification described in clause (ii) of 
subparagraph (C) and this subparagraph 
shall be included in the tax return of the 
eligible taxpayer (and, where applicable, of 
the qualifying partnership) for the taxable 
year during which the transfer occurs. 
‘‘(E) ELIGIBLE
REMEDIATION
EXPENDI-
TURES.—For purposes of this paragraph—
‘‘(i) IN GENERAL.—The term ‘eligible 
remediation expenditures’ means, with re-
spect to any qualifying brownfield prop-
erty, any amount paid or incurred by the 
eligible taxpayer to an unrelated third per-
son to obtain a Phase I environmental site 
assessment of the property, and any 
amount so paid or incurred after the date 
of the certification described in subpara-
graph (C)(i) for goods and services nec-
essary to obtain a certification described in