‘‘(i) any amount of such financing is
provided directly or indirectly to any ineli-
gible person,
‘‘(ii) less than 60 percent of the
amount of the financing so provided with
respect to such site is for costs described
in paragraph (1)(B), or
‘‘(iii) the amount of the financing so
provided to acquire such site exceeds the
excess of—
‘‘(I) the fair market value of the
site after the completion of the envi-
ronmental remediation, over
‘‘(II) the amount of the financing
so provided with respect to such site
for costs described in paragraph
(1)(B).
‘‘(B) INELIGIBLE PERSON.—For purposes
of subparagraph (A), a person is an ineligible
person with respect to any site if—
‘‘(i) at any time on or before the date
of the enactment of this subsection such
person was the owner or operator of any
business on such site,
‘‘(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 Resource Conservation and Re-
covery 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.—
(1) The section heading for section 144 of such
Code is amended by inserting before the period ‘‘;
QUALIFIED
CONTAMINATED
SITE
REMEDI-
ATION BOND’’.
(2) The table of sections for subpart A of part
IV of subchapter B of chapter 1 of such Code is
amended by inserting before the period at the end
of the item relating to section 144 ‘‘; qualified con-
taminated site remediation bond’’.
(d) EFFECTIVE DATE.—The amendments made by
this section shall apply to bonds issued after the date of
the enactment of this Act.
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