Bill > HR815

This bill extends a tax incentive that allows businesses to immediately expense (fully deduct from their taxes) the costs of environmental cleanup on contaminated properties, known as brownfields. Specifically, the bill amends the Internal Revenue Code to extend the tax deduction for environmental remediation costs, which was previously set to expire on December 31, 2011. The new legislation would allow businesses to fully deduct these cleanup expenses for properties remediated after December 31, 2011, and before January 1, 2025, and then again for properties cleaned up after December 31, 2028. Brownfields are previously developed properties that may be complicated or expensive to redevelop due to potential environmental contamination, such as former industrial sites. By providing a tax incentive, the bill aims to encourage businesses to clean up and repurpose these potentially environmentally hazardous sites, promoting urban redevelopment and environmental restoration. The bill would take effect for expenditures paid or incurred after December 31, 2024.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/815/all-info