HR 3892
108th Congress
House
Taxation
Brownfields
Commerce
Corporate finance
Environmental Protection
Hazardous wastes
Income tax
Law
Liability for environmental damages
Refuse and refuse disposal
Tax deductions
Tax exemption
Tax penalties
Brownfield Redevelopment Reserve Act
Introduced: March 4, 2004
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 4, 2004
Referred to the House Committee on Ways and Means.
Mar 4, 2004
Introduced in House
Plain-English summary
Brownfield Redevelopment Reserve Act - Amends the Internal Revenue Code to allow an income tax deduction for payments made to a tax-exempt Hazardous Waste Remediation Reserve (Reserve). Limits such deduction for any taxable year to the lesser of $1,000,000 or the excess (if any) of $1,000,000 over the amount paid into the Reserve for all prior taxable years. Includes in taxpayer gross income any amount distributed from the Reserve and any penalties for self dealing or failure to distribute funds for Reserve purposes. Imposes a penalty of ten percent additional tax for any amount distributed from a Reserve that is not used exclusively to pay qualified hazardous waste costs.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1