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.