[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 2334 Introduced in Senate (IS)]







106th CONGRESS
  2d Session
                                S. 2334

   To amend the Internal Revenue Code of 1986 to extend expensing of 
   environmental remediation costs for an additional 6 years and to 
            include sites in metropolitan statistical areas.


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                   IN THE SENATE OF THE UNITED STATES

                             March 30, 2000

 Mr. L. Chafee (for himself and Mr. Jeffords) introduced the following 
  bill; which was read twice and referred to the Committee on Finance

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                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to extend expensing of 
   environmental remediation costs for an additional 6 years and to 
            include sites in metropolitan statistical areas.

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

SECTION 1. EXTENSION OF EXPENSING OF ENVIRONMENTAL REMEDIATION COSTS.

    (a) Expansion of Targeted Areas.--Subparagraph (A) of section 
198(c)(2) of the Internal Revenue Code of 1986 (defining targeted area) 
is amended by redesignating clauses (i) through (iv) as clauses (ii) 
through (v), respectively, and by inserting before clause (ii) (as so 
redesignated) the following new clause:
                            ``(i) any metropolitan statistical area 
                        (within the meaning of section 
                        143(k)(2)(B)),''.
    (b) Extension.--Section 198(h) of the Internal Revenue Code of 1986 
(relating to termination) is amended by striking ``2001'' and inserting 
``2007''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2000.
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