To amend the Internal Revenue Code of 1986 to make the expensing of environmental remediation costs permanent law and to repeal the recapture of such expenses under section 1245 of such Code.
Amends the Internal Revenue Code to: (1) make permanent the current year tax deduction (expensing) for environmental remediation costs; and (2) repeal requirements for the recapture upon sale of such deduction as ordinary income.
Actions
Mar 30, 2007
Sponsor introductory remarks on measure. (CR E723)
Mar 29, 2007
Referred to the House Committee on Ways and Means.