S. 2926 · 108th Congress
Brownfields Revitalization Act of 2004
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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
VoinovichSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Brownfields Revitalization Act of 2004 - Amends the Internal Revenue Code to allow a business tax credit for up to 50 percent of qualified remediation expenditures for contaminated sites (property used in a trade or business on which there has been a release (or threat of release) or disposal of any hazardous substance) in certain poverty-rated areas.
What it does: CRS summary · Introduced in Senate · Oct 7, 2004
Brownfields Revitalization Act of 2004 - Amends the Internal Revenue Code to allow a business tax credit for up to 50 percent of qualified remediation expenditures for contaminated sites (property used in a trade or business on which there has been a release (or threat of release) or disposal of any hazardous substance) in certain poverty-rated areas. Defines "qualified remediation expenditures" as expenditures for: (1) the abatement or control of any hazardous substance, petroleum, or any petroleum by-product at a contaminated site in accordance with a State-approved remediation and redevelopment plan; (2) the complete demolition of a structure; (3) the removal and disposal of property; and (4) the reconstruction of utilities on a contaminated site.
Requires States to allocate credit amounts under an allocation plan that considers specified criteria, including: (1) poverty rates: (2) location of a contaminated site; and (3) the amount of new employment expected to result from redevelopment. Imposes a ceiling on the State environmental remediation credit and limits the national environmental remediation credit for each calendar year to $1 billion. Sets forth special rules for: (1) allocating unused environmental remediation credit carryover amounts among States: (2) adjusting the limitation on the national environmental remediation credit for inflation; (3) assigning portions of the credit; and (4) recapturing credit amounts if a taxpayer fails to properly complete environmental remediation under a State approved remediation and redevelopment plan.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Brownfields Revitalization Act of 2004
Latest action (Oct 7, 2004): Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S10725-10727)
Policy area: Taxation · Origin: Senate · Introduced: Oct 7, 2004
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.