Section 1. Short title
This Act may be cited as the Brownfield Revitalization and Remediation Act.
(a) Restoring expensing
Section 198(h) of the Internal Revenue Code of 1986 is amended to read as follows:
(h) Termination
This section shall not apply to expenditures paid or incurred—
(1) after December 31, 2011, and before January 1, 2025, or
(2) after December 31, 2029.
(1) Inclusion of certain assessment, investigation, and monitoring expenses
Section 198(b)(1)(B) of such Code is amended by inserting (including reasonable expenditures for the assessment, investigation, and monitoring of such site in connection with such abatement or control) after qualified contaminated site.
(2) Special rule for depreciable property with respect to brownfield sites
Section 198(b)(2) of such Code is amended by inserting (other than a brownfield site (as defined in section 101(39) of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980)) after qualified contaminated site.
(3) Treatment of pollutants and contaminants as hazardous substances
Section 198(d)(1) of such Code is amended—
(A) by striking and at the end of subparagraph (B),
(B) by redesignating subparagraph (C) as subparagraph (D), and
(C) by inserting after subparagraph (B) the following new subparagraph:
(C) any substance which is a pollutant or contaminant as defined in section 101(33) of such Act, and
(c) Effective date
The amendments made by this section shall take effect upon the date of the enactment of this Act.