Source: https://law.justia.com/codes/us/2015/title-26/subtitle-a/chapter-1/subchapter-b/part-vi/sec.-198/
Timestamp: 2020-04-02 06:08:41
Document Index: 599210348

Matched Legal Cases: ['§ 198', '§941', '§511', '§1', '§162', '§308', '§109', '§318', '§745', '§ 198', '§198', '§941', '§511', '§1', '§162', '§308', '§109', '§318', '§745', '§109', '§109', '§1', '§162', '§1', '§162', '§532', '§511', '§745', '§318', '§109', '§308', '§1', '§162', '§941']

26 U.S.C. § 198 (2015) - Expensing of environmental remediation costs :: Title 26 - Internal Revenue Code (Sections 1 - 9834) - US Code :: Justia
Justia US Law US Codes and Statutes US Code 2015 US Code Title 26 - Internal Revenue Code (Sections 1 - 9834) Subtitle A - Income Taxes (Sections 1 - 1564) Chapter 1 - Normal Taxes and Surtaxes (Sections 1 - 1400U-3) Subchapter B - Computation of Taxable Income (Sections 61 - 291) Part VI - Itemized Deductions for Individuals and Corporations (Sections 161 - 199) Sec. 198 - Expensing of environmental remediation costs
Sec. 198 - Expensing of environmental remediation costs
Contains section 198
Source Credit Added Pub. L. 105-34, title IX, §941(a), Aug. 5, 1997, 111 Stat. 882; amended Pub. L. 106-170, title V, §§511, 532(c)(2)(A), Dec. 17, 1999, 113 Stat. 1924, 1930; Pub. L. 106-554, §1(a)(7) [title I, §162(a), (b)], Dec. 21, 2000, 114 Stat. 2763, 2763A-625; Pub. L. 108-311, title III, §308(a), Oct. 4, 2004, 118 Stat. 1179; Pub. L. 109-432, div. A, title I, §109(a), (b), Dec. 20, 2006, 120 Stat. 2939; Pub. L. 110-343, div. C, title III, §318(a), Oct. 3, 2008, 122 Stat. 3873; Pub. L. 111-312, title VII, §745(a), Dec. 17, 2010, 124 Stat. 3319.
Statutes at Large References 111 Stat. 882, 885
113 Stat. 1924
118 Stat. 1179
120 Stat. 2939
122 Stat. 3873
124 Stat. 3319
Public and Private Laws Public Law 105-34, Public Law 106-170, Public Law 106-554, Public Law 108-311, Public Law 109-432, Public Law 110-343, Public Law 111-312
26 U.S.C. § 198 (2015)
§198. Expensing of environmental remediation costs(a) In general
(b) Qualified environmental remediation expenditure
The term "qualified environmental remediation expenditure" means any expenditure—
(A) which is otherwise chargeable to capital account, and
(B) which is paid or incurred in connection with the abatement or control of hazardous substances at a qualified contaminated site.
(2) Special rule for expenditures for depreciable property
(c) Qualified contaminated site
The term "qualified contaminated site" means any area—
(2) National priorities listed sites not included
(3) Taxpayer must receive statement from State environmental agency
(4) Appropriate State agency
(d) Hazardous substance
The term "hazardous substance" means—
(A) any substance which is a hazardous substance as defined in section 101(14) of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980,
(B) any substance which is designated as a hazardous substance under section 102 of such Act, and
(C) any petroleum product (as defined in section 4612(a)(3)).
(e) Deduction recaptured as ordinary income on sale, etc.
(1) the deduction allowed by this section for such expenditure shall be treated as a deduction for depreciation, and
(2) such property (if not otherwise section 1245 property) shall be treated as section 1245 property solely for purposes of applying section 1245 to such deduction.
(f) Coordination with other provisions
(Added Pub. L. 105–34, title IX, §941(a), Aug. 5, 1997, 111 Stat. 882; amended Pub. L. 106–170, title V, §§511, 532(c)(2)(A), Dec. 17, 1999, 113 Stat. 1924, 1930; Pub. L. 106–554, §1(a)(7) [title I, §162(a), (b)], Dec. 21, 2000, 114 Stat. 2763, 2763A-625; Pub. L. 108–311, title III, §308(a), Oct. 4, 2004, 118 Stat. 1179; Pub. L. 109–432, div. A, title I, §109(a), (b), Dec. 20, 2006, 120 Stat. 2939; Pub. L. 110–343, div. C, title III, §318(a), Oct. 3, 2008, 122 Stat. 3873; Pub. L. 111–312, title VII, §745(a), Dec. 17, 2010, 124 Stat. 3319.)
Sections 101(14), 102, 104, and 105(a)(8)(B) of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, referred to in subsecs. (c)(2) and (d), are classified to sections 9601(14), 9602, 9604, and 9605(a)(8)(B), respectively, of Title 42, The Public Health and Welfare.
2010—Subsec. (h). Pub. L. 111–312 substituted "December 31, 2011" for "December 31, 2009".
2008—Subsec. (h). Pub. L. 110–343 substituted "December 31, 2009" for "December 31, 2007".
2006—Subsec. (d)(1)(C). Pub. L. 109–432, §109(b), added subpar. (C).
Subsec. (h). Pub. L. 109–432, §109(a), substituted "2007" for "2005".
2004—Subsec. (h). Pub. L. 108–311 substituted "2005" for "2003".
2000—Subsec. (c). Pub. L. 106–554, §1(a)(7) [title I, §162(a)], amended subsec. (c) generally. Prior to amendment, subsec. (c) defined the term "qualified contaminated site" to include certain property described in section 1221(a)(1) of this title, within a targeted area, and at which there had been a release or disposal of any hazardous substance, provided that an area could be treated as a qualified contaminated site only if the taxpayer received a certain statement from an appropriate State agency, provided for designation of appropriate State agencies, and defined targeted area.
Subsec. (h). Pub. L. 106–554, §1(a)(7) [title I, §162(b)], substituted "2003" for "2001".
1999—Subsec. (c)(1)(A)(i). Pub. L. 106–170, §532(c)(2)(A), substituted "section 1221(a)(1)" for "section 1221(1)".
Subsec. (h). Pub. L. 106–170, §511, substituted "2001" for "2000".
Pub. L. 111–312, title VII, §745(b), Dec. 17, 2010, 124 Stat. 3319, provided that: "The amendment made by this section [amending this section] shall apply to expenditures paid or incurred after December 31, 2009."
Pub. L. 110–343, div. C, title III, §318(b), Oct. 3, 2008, 122 Stat. 3873, provided that: "The amendment made by this section [amending this section] shall apply to expenditures paid or incurred after December 31, 2007."
Pub. L. 109–432, div. A, title I, §109(c), Dec. 20, 2006, 120 Stat. 2939, provided that: "The amendments made by this section [amending this section] shall apply to expenditures paid or incurred after December 31, 2005."
Pub. L. 108–311, title III, §308(b), Oct. 4, 2004, 118 Stat. 1179, provided that: "The amendment made by subsection (a) [amending this section] shall apply to expenditures paid or incurred after December 31, 2003."
Pub. L. 106–554, §1(a)(7) [title I, §162(c)], Dec. 21, 2000, 114 Stat. 2763, 2763A-625, provided that: "The amendments made by this section [amending this section] shall apply to expenditures paid or incurred after the date of the enactment of this Act [Dec. 21, 2000]."
Amendment by section 532(c)(2)(A) of Pub. L. 106–170 applicable to any instrument held, acquired, or entered into, any transaction entered into, and supplies held or acquired on or after Dec. 17, 1999, see section 532(d) of Pub. L. 106–170, set out as a note under section 170 of this title.
Pub. L. 105–34, title IX, §941(c), Aug. 5, 1997, 111 Stat. 885, provided that: "The amendments made by this section [enacting this section] shall apply to expenditures paid or incurred after the date of the enactment of this Act [Aug. 5, 1997], in taxable years ending after such date."