Bill > HR5472

This bill seeks to restore and expand tax deductions for environmental remediation expenditures by amending the Internal Revenue Code. Specifically, the bill extends the period during which businesses can expense (immediately deduct) qualified environmental remediation costs, allowing such deductions from January 1, 2025, to December 31, 2029. The bill broadens the definition of deductible expenses to include reasonable costs for assessing, investigating, and monitoring contaminated sites. It also expands the types of substances that can be considered in these deductions, now including pollutants and contaminants as defined in the Comprehensive Environmental Response, Compensation, and Liability Act. The bill provides a special rule for brownfield sites (previously contaminated properties that are being cleaned up for redevelopment), allowing more flexibility in how businesses can claim expenses related to environmental cleanup. These changes are designed to incentivize the remediation and redevelopment of environmentally compromised properties by making it more financially attractive for businesses to invest in cleaning up and repurposing such sites. The amendments will take effect immediately upon the bill's enactment.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/5472/all-info