Brownfields Redevelopment Act of 1997

Summary

Brownfields Redevelopment Act of 1997 - Amends the Internal Revenue Code to allow a credit that is 50 percent of the costs: (1) paid or incurred by the taxpayer for environmental remediation of any qualified contaminated site which is owned by the taxpayer; and (2) incurred by the taxpayer pursuant to an environmental remediation plan for such site which was approved by the Administrator of the Environmental Protection Agency or by the head of any State or local government agency designated by the Administrator. Disallows the environmental remediation credit from being determined unless the Administrator or the Administrator's designee certifies that the remediation plan has been completed. Provides that if the Administrator certifies that such plan has been completed, the credit shall be taken into account ratably over the five-year taxable period. Permits a taxpayer to cease such remediation if: (1) the cost of completing the remediation plan exceeds 200 percent of the estimated costs of completing such plan; and (2) the State or local official administering the remediation credit program agrees with such determination. Prohibits certain taxpayers with respect to a qualified contamination site from being eligible for the credit, subject to exception. Makes the environmental remediation credit part of the sum of the current year general business credit and allows any unused portion as a deduction for certain unused business credits. Allows for the use of redevelopment bonds for the costs of environmental remediation incurred pursuant to an environmental remediation plan. Sets forth provisions concerning certain requirements not to apply in the case of any redevelopment bond issued as part of an issue 95 percent or more of the proceeds which are to finance environmental remediation. Prohibits a deduction for interest on such financing during any period during which there is a determination by the Administrator or the Administrator's designee that the remediation plan was not satisfactorily completed.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 4 February 1997

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• Introduced in House (PDF)

  Introduced in House · EN · 4 February 1997

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• Introduced in House

  summary · EN · 4 February 1997

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