A bill to amend the Internal Revenue Code of 1986 to provide for the expensing of environmental remediation costs in empowerment zones and enterprise communities.

Summary

Amends the Internal Revenue Code to allow a taxpayer to elect to treat any environmental remediation cost as an expense not chargeable to capital account and therefore allowable as a deduction for the taxable year in which it is paid or incurred. Defines "environmental remediation cost" as a cost which is: (1) chargeable to capital account; (2) paid or incurred in connection with environmental contaminant abatement or control at a site in an empowerment zone or enterprise community; and (3) certified by the applicable Federal or State authority as one required by and in compliance with applicable law governing such abatement and control. Excludes from such costs amounts paid or incurred: (1) for equipment of a character subject to a depreciation or amortization allowance; or (2) in connection with a site on the National Priorities List under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980.

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Timeline

1. 26 January 1996

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 26 January 1996

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 26 January 1996 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 26 January 1996

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 26 January 1996

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 26 January 1996

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Abraham, Spencer [R-MI] · R · Sponsor
• Sen. Lieberman, Joseph I. [ID-CT] · D · Sponsor
• Sen. Thompson, Fred [R-TN] · R · Cosponsor
• Sen. Levin, Carl [D-MI] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → To amend the Omnibus Consolidated Rescissions and Appropriations Act of 1996 to extend the date specified for the transfer of certain amounts to be available for drinking water State revolving funds from August 1, 1996, to September 30, 1996.