Brownfields Redevelopment Tax Incentive Reauthorization Act of 2014

Bill: 113-hr-4542
Sponsor: full_name: Rep. Esty, Elizabeth H. [D-CT-5]
Introduced: 2014-05-01
Policy area: Taxation
Subjects: Business investment and capital

Hazardous wastes and toxic substances

Income tax deductions
Latest action: action_date: 2014-05-01
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2014-05-01
action_desc: Introduced in House
text: <p>Brownfields Redevelopment Tax Incentive Reauthorization Act of 2014 - Amends the Internal Revenue Code to extend through 2018 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). Makes this Act applicable to expenditures paid or incurred after December 31, 2011.<BR> </p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4542 IN THE HOUSE OF REPRESENTATIVES May 1, 2014 Ms. Esty (for herself, Mr. Bishop of New York , and Mr. Gibson ) 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.

1. Short title This Act may be cited as the Brownfields Redevelopment Tax Incentive Reauthorization Act of 2014 . 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 December 31, 2011 and inserting December 31, 2018 . (b) Effective date The amendment made by subsection (a) shall apply to expenditures paid or incurred after December 31, 2011.