110 HR 1753 IH: To amend the Internal Revenue Code of 1986 to make the U.S. House of Representatives 2007-03-29 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 1st Session H. R. 1753 IN THE HOUSE OF REPRESENTATIVES March 29, 2007 Mr. Weller of Illinois (for himself and Mr. Becerra) 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 make the expensing of environmental remediation costs permanent law and to repeal the recapture of such expenses under section 1245 of such Code.

1.

EXPENSING OF ENVIRONMENTAL REMEDIATION COSTS MADE PERMANENT; REPEAL OF SECTION 1245 RECAPTURE

(a)

Provision made permanent

Section 198 of the Internal Revenue Code of 1986 (relating to expensing of environmental remediation costs) is amended by striking subsection (h). (b)

Elimination of Recapture on Sale

Section 198 of the Internal Revenue Code of 1986 is amended by striking subsection (e) and by redesignating subsections (f) and (g) as subsections (e) and (f), respectively. (c)

Effective dates

(1)

Subsection (a)

The amendment made by subsection (a) shall apply to expenditures paid or incurred after December 31, 2006. (2)

Subsection (b)

The amendment made by subsection (b) shall apply to dispositions after the date of the enactment of this Act.