The brownfields tax incentive expired on December 31, 2005. Enacted in 1997, the provision allowed a taxpayer to fully deduct the costs of environmental cleanup in the year the costs were incurred, rather than spreading the costs over a period of years. The provision was adopted to stimulate the cleanup and developers of less seriously contaminated sites by providing a benefit to taxpaying developers of brownfield properties. This report contains information on the background of brownfields, survey findings from brownfield tax incentive applications, and related figures.
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Description
The brownfields tax incentive expired on December 31, 2005. Enacted in 1997, the provision allowed a taxpayer to fully deduct the costs of environmental cleanup in the year the costs were incurred, rather than spreading the costs over a period of years. The provision was adopted to stimulate the cleanup and developers of less seriously contaminated sites by providing a benefit to taxpaying developers of brownfield properties. This report contains information on the background of brownfields, survey findings from brownfield tax incentive applications, and related figures.
This report is part of the following collection of related materials.
Congressional Research Service Reports
The Congressional Research Service (CRS) is the public policy research arm of Congress. This legislative branch agency works exclusively for Members of Congress, their committees and their staff. This collection includes CRS reports from the mid-1960's through 2018—covering a variety of topics from agriculture to foreign policy to welfare.
