To amend the Internal Revenue Code of 1986 to make the expensing of environmental remediation costs permanent law and to repeal the recapture of such expenses under section 1245 of such Code.

Summary

Amends the Internal Revenue Code to: (1) make permanent the current year tax deduction (expensing) for environmental remediation costs; and (2) repeal requirements for the recapture upon sale of such deduction as ordinary income.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 29 March 2007

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 29 March 2007

   Introduced

   Introduced in House

   Source: IntroReferral

3. 29 March 2007

   Introduced

   Introduced in House

   Source: IntroReferral

4. 30 March 2007

   Introduced

   Sponsor introductory remarks on measure. (CR E723)

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 29 March 2007 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 29 March 2007

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 29 March 2007

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 29 March 2007

  Open at official source

Sponsors

• Rep. Weller, Jerry [R-IL-11] · R · Sponsor
• XAVIER BECERRA · D · Sponsor
• · hswm00 · Standing

Related records

• related to ← Brownfields Redevelopment Promotion Act
• related to ← Brownfield Redevelopment Tax Incentive Act of 2007