Brownfields Redevelopment Tax Incentive Reauthorization Act of 2021

Bill: 117-hr-4427
Sponsor: full_name: Rep. Sherrill, Mikie [D-NJ-11]
Introduced: 2021-07-13
Policy area: Taxation
Subjects: Business investment and capital

Hazardous wastes and toxic substances

Income tax deductions
Latest action: action_date: 2021-07-13
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-07-13
action_desc: Introduced in House
text: <p><strong>Brownfields Redevelopment Tax Incentive Reauthorization Act of </strong><b>2021</b></p> <p>This bill extends through 2024 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). The bill applies to expenditures paid or incurred after December 31, 2020.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 4427 IN THE HOUSE OF REPRESENTATIVES July 13, 2021 Ms. Sherrill (for herself and Mr. Turner ) 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 2021 . 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 incurred after December 31, 2011 and inserting the following: incurred— (1) after December 31, 2011, and before January 1, 2021, or (2) after December 31, 2024. . (b) Effective date The amendment made by subsection (a) shall apply to expenditures paid or incurred after December 31, 2020.