[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3238 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 3238

 To clarify the tax treatment of certain environmental clean-up costs.


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                    IN THE HOUSE OF REPRESENTATIVES

                            October 7, 1993

Mr. Brewster (for himself, Mr. Jefferson, and Mr. Camp) introduced the 
 following bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To clarify the tax treatment of certain environmental clean-up costs.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. TAX TREATMENT OF CERTAIN ENVIRONMENTAL CLEAN-UP COSTS NOT TO 
              CHANGE.

    (a) In General.--In the administration of subchapter B of chapter 1 
of the Internal Revenue Code of 1986, the Secretary of the Treasury or 
his delegate shall continue to treat amounts paid or incurred in 
connection with the environmental remediation activities of a trade or 
business as deductible under the provisions of section 162 of such Code 
(relating to trade or business expenses) rather than under the 
provisions of section 263 of such Code (relating to capital 
expenditures) or section 263A of such Code (relating to capitalization 
and inclusion in inventory costs of certain expenses), notwithstanding 
the position taken in Technical Advice Memorandum 9315004.
    (b) Definition of Environmental Remediation Activity.--For purposes 
of this section, the term ``environmental remediation activity'' 
means--
            (1) the conduct of an environmental assessment of any 
        petroleum storage or marketing site, and
            (2) the clean-up of contamination resulting from petroleum 
        leakage (including the removal and cleaning of soil and 
        measures to reduce contamination of underlying water).

SEC. 2. EFFECTIVE DATE.

    The provisions of this Act shall apply with respect to taxable 
years beginning after the date of enactment of this Act and with 
respect to taxable years for which the period for making claim for 
credit or refund of an overpayment of taxes under chapter 1 of the 
Internal Revenue Code of 1986 has not expired as of such date.

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