[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2264 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 2264

 To amend the Internal Revenue Code of 1986 to extend the expensing of 
 environmental remediation costs to contaminated sites located outside 
                           of targeted areas.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 17, 1999

Mrs. Johnson of Connecticut (for herself, Mr. Blumenauer, Mr. Bereuter, 
  Mr. Shays, and Mr. Maloney of Connecticut) introduced the following 
      bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to extend the expensing of 
 environmental remediation costs to contaminated sites located outside 
                           of targeted areas.

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

SECTION 1. EXPENSING OF ENVIRONMENTAL REMEDIATION COSTS EXPANDED TO 
              CONTAMINATED SITES OUTSIDE OF TARGETED AREAS.

    (a) In General.--Clause (ii) of section 198(c)(1)(A) of the 
Internal Revenue Code of 1986 (relating to qualified contaminated 
sites) is amended to read as follows:
                            ``(ii) which is within the United States, 
                        and''.
    (b) Conforming Amendment.--Paragraph (2) of section 198(c) of such 
Code is amended to read as follows:
            ``(2) National priorities listed sites not included.--Such 
        term shall not include any site which is on, or proposed for, 
        the national priorities list under section 105(a)(8)(B) of the 
        Comprehensive Environmental Response, Compensation, and 
        Liability Act of 1980 (as in effect on the date of the 
        enactment of this section).''
    (c) Effective Date.--The amendments made by this section shall 
apply to expenditures paid or incurred after the date of the enactment 
of this Act in taxable years ending after such date.
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