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HR 2064 107th Congress House Environmental Protection Armed Forces and National Security Arts, Culture, Religion Authorization Bank loans Block grants Brownfields Business income tax Commemorations Commerce Community development banking Cultural centers Depressed areas Economic development Economics and Public Finance Environmental health Environmental research Environmental technology Federal aid to community development Federally-guaranteed loans

Brownfields Redevelopment Incentives Act

Introduced: June 5, 2001 See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 25, 2001
Referred to the Subcommittee on Housing and Community Opportunity.
Jun 6, 2001
Referred to the Subcommittee on Water Resources and Environment.
Jun 5, 2001
Referred to the Committee on Financial Services, and in addition to the Committees on Small Business, Transportation and Infrastructure, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Jun 5, 2001
Introduced in House
 Plain-English summary Congressional Research Service
Brownfields Redevelopment Incentives Act - Defines a "brownfield site" (brownfield), with exceptions, as real property the expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance or pollutant.

Amends the Housing and Community Development Act of 1974 to: (1) authorize grants to local government units in nonentitlement areas for economic development and environmental cleanup activities related to brownfields; and (2) provide for repayment contracts and security for guaranteed loans funding brownfield activities.

Amends the Riegle Community Development and Regulatory Improvement Act of 1994 to authorize appropriations for community development financial institution lending strategies that assist environmental cleanup and economic development of investment areas consisting of at least one brownfield.

Amends the Small Business Act to provide a set-aside of loans to assist site assessments, remediation planning, and cleanup.

Amends the Small Business Investment Act of 1958 to: (1) direct the Administrator of the Small Business Administration to promote the formation of at least one small business investment company devoted to lending to small businesses for cleanup activities or projects that help existing companies clean up their facilities and adopt new technologies; and (2) require the set-aside of amounts for assistance to local development companies to enable them to finance site assessment and cleanup activities or facilitate ownership transition or industrial succession.

Expresses the sense of Congress regarding the risk of small business loans for brownfield-related activities.

Amends the Public Works and Economic Development Act of 1965 to authorize grants for brownfield redevelopment.

Amends the Internal Revenue Code to: (1) provide an environmental remediation business income tax credit; (2) allow a deduction for payments to a Hazardous Waste Remediation Reserve; (3) allow an exclusion from a financial institution's gross income of interest on indebtedness incurred for remediation of a qualified contaminated site; (4) make permanent the expensing of environmental remediation costs and qualify for such treatment sites subject to long-term leases; and (5) qualify environmental research remediation technology expenses for the credit for research activities.

What's happening now June 25, 2001

Referred to the Subcommittee on Housing and Community Opportunity.

 Committees of jurisdiction 6
 Cosponsors 3
All 3 Democratic 2 Republican 1