‘‘(ii) at any time before, on, or after
such date of enactment such person—
‘‘(I) had (by contract, agreement,
or otherwise) arranged for the dis-
posal or treatment of any hazardous
materials at such site or arranged
with a transporter for transport for
disposal or treatment of any hazard-
ous materials at such site, or
‘‘(II) had accepted any hazardous
materials for transport to such site, or
‘‘(iii) the person is related to any per-
son referred to in clause (i) or (ii).
‘‘(C) RELATED PERSON.—For purposes of
this paragraph, persons shall be treated as re-
lated to each other if such persons are treated
as a single employer under the regulations pre-
scribed under section 52(b) or such persons
bear a relationship to each other specified in
section 267(b) or 707(b).
‘‘(3) RESTRICTION ON LAND ACQUISITION NOT
TO APPLY.—Section 147(c) shall not apply to any
qualified contaminated site remediation bond.
‘‘(4) QUALIFIED CONTAMINATED SITE.—
‘‘(A) IN GENERAL.—For purposes of this
subsection, the term ‘qualified contaminated
site’ means any site if the appropriate agency
certifies that at least 1 of the following environ-
mental conditions is present on such site:
‘‘(i) A release or threatened release of
any hazardous, toxic, or dangerous sub-
stance.
‘‘(ii) Any storage tanks which contain
any hazardous, toxic, or dangerous sub-
stance.
‘‘(iii) Any illegal disposal of solid
waste.
Such term shall not include any site listed on
the National Priorities List under the Com-
prehensive Environmental Response, Compensa-
tion, and Liability Act of 1980.
‘‘(B) APPROPRIATE
AGENCY.—For pur-
poses of subparagraph (A), the appropriate
agency is—
‘‘(i) the agency of the State in which
the site is located which is designated by
the Administrator of the Environmental
Protection Agency for purposes of this
paragraph, or
‘‘(ii) if the agency described in clause
(i) designates an agency of the local gov-
ernment in which the site is located for
purposes of this paragraph, such local gov-
ernment agency.
‘‘(5) HAZARDOUS, TOXIC, OR DANGEROUS SUB-
STANCE.—For purposes of this subsection, any sub-
stance, waste, or material shall be treated as a haz-
ardous, toxic, or dangerous substance if it is so
treated under—
‘‘(A) the Comprehensive Environmental
Response, Compensation, and Liability Act of
1980 (42 U.S.C. 9601 et seq.),
‘‘(B) the Solid Waste Disposal Act (42
U.S.C. 6901 et seq.), or
‘‘(C) any State or local environmental law
or ordinance.
The following materials shall in any event be treated
as such a substance: petroleum or crude oil or any
derivative thereof, friable asbestos or any asbestos
containing material, polychlorinated biphenyls, or
urea formaldehyde foam insulation.
‘‘(6) 
ENVIRONMENTAL
REMEDIATION.—For
purposes of this subsection, the term ‘environmental
remediation’ means—
‘‘(A) removal or remediation activity, in-
cluding soil and ground water remediation,
‘‘(B) restoration of natural, historic, or
cultural resources at the site or the mitigation
of unavoidable losses of such resources incurred
in connection with the remediation or response
activity,
‘‘(C) health assessments or health effects
studies,
‘‘(D) environmental investigations,
‘‘(E) remediation of off-site contamination
caused by activity on the site, and
‘‘(F) any other costs reasonably required
by reason of the environmental conditions of the
site including demolition of existing contami-
nated structures, site security, and permit fees
necessary for remediation.’’.
(c) CLERICAL AMENDMENTS.—The section heading
for section 144 of such Code is amended by inserting be-
fore the period ‘‘; qualified contaminated site remediation
bond’’.
SEC. 204. SMALL BUSINESS ADMINISTRATION SET-ASIDE
FOR BROWNFIELD PREVENTION AND REDE-
VELOPMENT PROJECTS UNDER SECTION 504
DEVELOPMENT COMPANY PROGRAM.
Section 504 of the Small Business Investment Act
of 1958 (15 U.S.C. 697a) is amended by adding at the
end the following new subsection:
‘‘(c) SET-ASIDE
FOR BROWNFIELD PREVENTION
AND REDEVELOPMENT PROJECTS.—
‘‘(1) PURPOSE.—The purpose of this subsection
is to make capital available to small, polluting indus-
tries, or to the prospective purchasers of such indus-
tries, that have limited or no access to capital from
conventional sources for the purposes of assessing
and cleaning up their sites and facilities or acquiring
new, clean technologies and production equipment.
‘‘(2) SET-ASIDE.—The Administration shall set
aside the lesser of $50,000,000 or 10 percent of the
amount available for the development company pro-
gram in a fiscal year for local development compa-
nies to use to finance projects that—
‘‘(A) assist existing businesses to carry out
site assessment and cleanup activities; or
‘‘(B) assist prospective new business own-
ers or operators to carry out site assessment
and cleanup activities in order to facilitate the
transition to new ownership or encourage indus-
trial succession.
‘‘(3) DEFINITION.—In this subsection, the term
‘site assessment’, with respect to a brownfield site,
means any investigation of the site determined ap-
propriate by the President and undertaken pursuant
to section 104(b) of the Comprehensive Environ-
mental Response, Compensation, and Liability Act
of 1980 (42 U.S.C. 9604(b)).’’.
SEC. 205. PROMOTION OF SMALL BUSINESS INVESTMENT
COMPANIES FOR BROWNFIELD ACTIVITIES.
Title III of the Small Business Investment Act of
1958 (15 U.S.C. 681 et seq.) is amended by adding at
the end the following new section:
‘‘SEC. 321. SMALL BUSINESS INVESTMENT COMPANIES FOR
BROWNFIELD ACTIVITIES.
‘‘(a) PROMOTION OF CERTAIN SMALL BUSINESS IN-
VESTMENT COMPANIES.—The Administration shall pro-
mote the formation of one or more small business invest-
ment companies devoted to—
‘‘(1) brownfield site cleanup activities, including
those that use innovative or experimental cleanup
technologies; or
‘‘(2) projects that help existing companies clean
up their facilities and adopt new, clean technologies.