Brownfield Redevelopment Reserve Act

Summary

Brownfield Redevelopment Reserve Act - Amends the Internal Revenue Code to allow an income tax deduction for payments made to a tax-exempt Hazardous Waste Remediation Reserve (Reserve). Limits such deduction for any taxable year to the lesser of $1,000,000 or the excess (if any) of $1,000,000 over the amount paid into the Reserve for all prior taxable years. Includes in taxpayer gross income any amount distributed from the Reserve and any penalties for self dealing or failure to distribute funds for Reserve purposes. Imposes a penalty of ten percent additional tax for any amount distributed from a Reserve that is not used exclusively to pay qualified hazardous waste costs.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 4 March 2004

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• Introduced in House (PDF)

  Introduced in House · EN · 4 March 2004

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• Introduced in House

  summary · EN · 4 March 2004

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