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108th CONGRESS
2d Session
H. R. 4480
To amend the Internal Revenue Code of 1986 to allow taxpayers a credit
against income tax for expenditures to remediate contaminated sites.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 2, 2004
Mr. Turner of Ohio (for himself, Mr. Boehner, Mr. Bradley of New
Hampshire, Mr. Chabot, Mr. Chocola, Mr. English, Mr. Gerlach, Mr.
Gillmor, Ms. Hart, Mr. Hobson, Mr. Hoekstra, Mrs. Johnson of
Connecticut, Mr. Kline, Mr. LaTourette, Mr. Ney, Mr. Oxley, Mr.
Portman, Ms. Pryce of Ohio, Mr. Regula, Mr. Rogers of Michigan, Mr.
Shays, Mr. Tiberi, Mrs. Jones of Ohio, and Mr. Walsh) 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 allow taxpayers a credit
against income tax for expenditures to remediate contaminated sites.
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 ``Brownfields Revitalization Act of
2004''.
SEC. 2. CREDIT FOR EXPENDITURES TO REMEDIATE CONTAMINATED SITES.
(a) In General.--Subpart D of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 (relating to business related
credits) is amended by adding at the end the following new section:
``SEC. 45G. ENVIRONMENTAL REMEDIATION CREDIT.
``(a) In General.--For purposes of section 38, the environmental
remediation credit determined under this section is 50 percent of the
qualified remediation expenditures paid or incurred by the taxpayer
during the taxable year with respect to a qualified contaminated site
located in an eligible area.
``(b) Qualified Remediation Expenditures.--For purposes of this
section, the term `qualified remediation expenditures' means
expenditures, whether or not chargeable to capital account, in
connection with--
``(1) the abatement or control of any hazardous substance
(as defined in section 198(d)), petroleum, or any petroleum by-
product at the qualified contaminated site in accordance with
an approved remediation and redevelopment plan,
``(2) the complete demolition of any structure on such site
if any portion of such structure is demolished in connection
with such abatement or control,
``(3) the removal and disposal of property in connection
with the activities described in paragraphs (1) and (2), and
``(4) the reconstruction of utilities in connection with
such activities.
For purposes of this section, the term `approved remediation and
redevelopment plan' means any plan for such abatement, control, and
redevelopment of a qualified contaminated site which is approved by the
State development agency for the State in which the qualified
contaminated site is located.
``(c) Credit May Not Exceed Allocation.--
``(1) In general.--The environmental remediation credit
determined under this section with respect to any qualified
contaminated site shall not exceed the credit amount allocated
under this section by the State development agency to the
taxpayer for the remediation and redevelopment plan submitted
by the taxpayer with respect to such site.
``(2) Time for making allocation.--An allocation shall be
taken into account under paragraph (1) for any taxable year
only if made before the close of the calendar year in which
such taxable year begins.
``(3) Manner of allocation.--
``(A) Allocation must be pursuant to plan.--No
amount may be allocated under this subsection to any
qualified contaminated site unless such amount is
allocated pursuant to a qualified allocation plan of
the State development agency of the State in which such
site is located.
``(B) Qualified allocation plan.--For purposes of
this paragraph, the term `qualified allocation plan'
means any plan--
``(i) which sets forth selection criteria
to be used to determine priorities of the State
development agency in allocating credit amounts
under this section, and
``(ii) which gives preference in allocating
credit amounts under this section to qualified
contaminated sites based on--
``(I) the extent of poverty,
``(II) whether the site is located
in an enterprise zone or renewal
community,
``(III) whether the site is located
in the central business district of the
local jurisdiction,
``(IV) the extent of the required
environmental remediation,
``(V) the extent of the commercial,
industrial, or residential
redevelopment of the site in addition
to environmental remediation,
``(VI) the extent of the financial
commitment to such redevelopment, and
``(VII) the amount of new
employment expected to result from such
redevelopment.
``(4) States may impose other conditions.--Nothing in this
section shall be construed to prevent any State from requiring
assurances, including bonding, that any project for which a
credit amount is allocated under this section will be properly
completed or that the financial commitments of the taxpayer are
actually carried out.
``(d) State Environmental Remediation Credit Ceiling.--
``(1) In general.--The State environmental remediation
credit ceiling applicable to any State for any calendar year
shall be an amount equal to the sum of--
``(A) the unused State environmental remediation
credit ceiling (if any) of such State for the preceding
calendar year,
``(B) such State's share of the national
environmental remediation credit limitation for the
calendar year,
``(C) the amount of State environmental remediation
credit ceiling returned in the calendar year, plus
``(D) the amount (if any) allocated under paragraph
(3) to such State by the Secretary.
For purposes of subparagraph (A), the unused State
environmental remediation credit ceiling for any calendar year
is the excess (if any) of the sum of the amounts described in
subparagraphs (B), (C), and (D) over the aggregate
environmental remediation credit amount allocated for such
year.
``(2) National environmental remediation credit
limitation.--
``(A) In general.--The national environmental
remediation credit limitation for each calendar year is
$1,000,000,000.
``(B) State's share of limitation.--A State's share
of such limitation is the amount which bears the same
ratio to the limitation applicable under subparagraph
(A) for the calendar year as such State's population
bears to the population of the United States.
``(3) Unused environmental remediation credit carryovers
allocated among certain states.--
``(A) In general.--The unused environmental
remediation credit carryover of a State for any
calendar year shall be assigned to the Secretary for
allocation among qualified States for the succeeding
calendar year.
``(B) Unused environmental remediation credit
carryover.--For purposes of this paragraph, the unused
environmental remediation credit carryover of a State
for any calendar year is the excess (if any) of--
``(i) the unused State environmental
remediation credit ceiling for the year
preceding such year, over
``(ii) the aggregate environmental
remediation credit amount allocated for such
year.
``(C) Formula for allocation of unused
environmental remediation credit carryovers among
qualified states.--Rules similar to the rules of
clauses (iii) and (iv) of section 42(h)(3)(D) shall
apply for purposes of this paragraph.
``(4) Population.--For purposes of this subsection,
population shall be determined in accordance with section
146(j).
``(5) Inflation adjustment.--In the case of any calendar
year after 2004, the $1,000,000,000 amount contained in
paragraph (2) shall be increased by an amount equal to--
``(A) such dollar amount, multiplied by
``(B) the cost-of-living adjustment determined
under section 1(f)(3) for the calendar year, determined
by substituting `calendar year 2003' for `calendar year
1992' in subparagraph (B) thereof.
Any increase determined under the preceding sentence shall be
rounded to the nearest multiple of $500,000.
``(e) Eligible Area; Other Definitions.--For purposes of this
section--
``(1) Eligible area.--
``(A) In general.--The term `eligible area' means
the entire area encompassed by a local governmental
unit if such area contains at least 1 census tract
having a poverty rate of at least 20 percent.
``(B) Areas not within census tracts.--In the case
of an area which is not tracted for population census
tracts, the equivalent county divisions (as defined by
the Bureau of the Census for purposes of defining
poverty areas) shall be used for purposes of
determining poverty rates.
``(C) Use of census data.--Population and poverty
rate shall be determined by the most recent decennial
census data available.
``(2) Qualified contaminated site.--The term `qualified
contaminated site' has the meaning given to such term by
section 198, determined by treating petroleum and petroleum by-
products as hazardous substances.
``(3) Possessions treated as states.--The term `State'
includes a possession of the United States.
``(f) Credit May Be Assigned.--
``(1) In general.--If a taxpayer elects the application of
this subsection for any taxable year, the amount of credit
determined under this section for such year which would (but
for this subsection) be allowable to the taxpayer shall be
allowable to the person designated by the taxpayer. The person
so designated shall be treated as the taxpayer for purposes of
subsection (h).
``(2) Treatment of amounts paid for assignment.--If any
amount is paid to the person who assigns the credit determined
under this section, no portion of such amount or such credit
shall be includible in the payee's gross income.
``(g) Treatment of Potential Responsible Parties.--
``(1) In general.--No credit shall be allowed under this
section to any potential responsible party (within the meaning
of the Comprehensive Environmental Response, Compensation, and
Liability Act of 1980) with respect to any qualified
contaminated site (including by reason of receiving an
assignment of the credit under subsection (f)) unless at least
25 percent of the cost of remediating such site is borne by
such party.
``(2) Relief from liability for other 75 percent.--If the
requirement of paragraph (1) is met by a potential responsible
party, such party shall not be liable under any Federal law for
any cost taken into account in determining whether such
requirement is met.
``(3) Amounts paid for credit assignment not eligible.--
Amounts paid by a potential responsible party to any person for
the assignment by such person of the credit under subsection
(f)) shall not be taken into account in determining whether the
requirement of paragraph (1) is met.
``(h) Recapture of Credit if Environmental Remediation Not Properly
Completed.--
``(1) In general.--If the State development agency of the
State in which the qualified contaminated site is located
determines that the environmental remediation which is part of
the approved remediation and redevelopment plan for such site
was not properly completed, then the taxpayer's tax under this
chapter for the taxable year in which such determination is
made shall be increased by the credit recapture amount.
``(2) Credit recapture amount.--For purposes of paragraph
(1), the credit recapture amount is an amount equal to the sum
of--
``(A) the aggregate decrease in the credits allowed
to the taxpayer under section 38 for all prior taxable
years which would have resulted if the credit allowable
by reason of this section were not allowed, plus
``(B) interest at the overpayment rate established
under section 6621 on the amount determined under
subparagraph (A) for each prior taxable year for the
period beginning on the due date for filing the return
for the prior taxable year involved.
No deduction shall be allowed under this chapter for interest
described in subparagraph (B).
``(3) Special rules.--
``(A) Tax benefit rule.--The tax for the taxable
year shall be increased under paragraph (1) only with
respect to credits allowed by reason of this section
which were used to reduce tax liability. In the case of
credits not so used to reduce tax liability, the
carryforwards and carrybacks under section 39 shall be
appropriately adjusted.
``(B) No credits against tax.--Any increase in tax
under this subsection shall not be treated as a tax
imposed by this chapter for purposes of determining the
amount of any credit or the tax imposed by section 55.
``(i) Denial of Double Benefit.--
``(1) In general.--No deduction shall be allowed for that
portion of the qualified remediation expenditures otherwise
allowable as a deduction for the taxable year which is equal to
the amount of the credit determined for such taxable year under
this section.
``(2) Similar rule where taxpayer capitalizes rather than
deducts expenses.--If--
``(A) the amount of the credit determined for the
taxable year under this section, exceeds
``(B) the amount allowable as a deduction for such
taxable year for qualified remediation expenditures
(determined without regard to paragraph (1)),
the amount chargeable to capital account for the taxable year
for such expenditures shall be reduced by the amount of such
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