[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 2734 Introduced in Senate (IS)]

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114th CONGRESS
  2d Session
                                S. 2734

 To amend the Internal Revenue Code of 1986 to extend the exclusion of 
gain or loss from the sale or exchange of certain brownfield sites from 
     unrelated business taxable income, and to extend expensing of 
                    environmental remediation costs.


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                   IN THE SENATE OF THE UNITED STATES

                             March 17, 2016

  Mr. Murphy 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 the exclusion of 
gain or loss from the sale or exchange of certain brownfield sites from 
     unrelated business taxable income, and to extend expensing of 
                    environmental remediation costs.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Creating Livable Environments And 
New Usable Property Act'' or the ``CLEAN UP Act''.

SEC. 2. EXTENSION OF EXCLUSION OF GAIN OR LOSS ON SALE OR EXCHANGE OF 
              CERTAIN BROWNFIELD SITES FROM UNRELATED BUSINESS TAXABLE 
              INCOME.

    (a) In General.--Section 512(b)(19)(K) of the Internal Revenue Code 
of 1986 is amended by striking ``December 31, 2009'' and inserting 
``December 31, 2019''.
    (b) Effective Date.--The amendment made by this section shall apply 
to any gain or loss on the sale, exchange, or other disposition of any 
property acquired by the taxpayer after December 31, 2015.

SEC. 3. EXTENSION OF EXPENSING OF ENVIRONMENTAL REMEDIATION COSTS.

    (a) In General.--Section 198(h) of the Internal Revenue Code of 
1986 is amended by striking ``December 31, 2011'' and inserting 
``December 31, 2019''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to expenditures paid or incurred after December 31, 2015.
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