Brownfields Tax Incentive Extension (CRS Report for Congress)
| Release Date |
Revised Jan. 19, 2007 |
| Report Number |
RS21599 |
| Report Type |
Report |
| Authors |
Mark Reisch, Resources, Science, and Industry Division |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
The brownfields tax incentive expired on December 31, 2005. Enacted in 1997,the provision allowed a taxpayer to fully deduct the costs of environmental cleanup inthe year the costs were incurred (called "expensing"), rather than spreading the costsover a period of years ("capitalizing"). The provision was adopted to stimulate thecleanup and development of less seriously contaminated sites by providing a benefit totaxpaying developers of brownfield properties. Two bills that received congressionalattention contained extensions of the provision; in one case (H.R. 4297, P.L. 109-222),the bill was dropped in conference, and in the other (H.R. 5970), the bill passed theHouse but failed in the Senate. Nevertheless, in each of its budget proposals sinceFY2003, the administration has suggested that Congress make the tax incentivepermanent.
