The redeveloped Merchandise Mart on Washington Avenue in St. Louis. Via Flickr.
This week, Congresswoman Elizabeth Esty (D-CT) introduced the Brownfields Redevelopment Tax Incentive Reauthorization Act of 2014, or H.R. 4542. The legislation would re-establish the brownfields tax incentive for five years through 2018. In a bipartisan show of support for the bill, Congressman Tim Bishop (D-NY) and Congressman Chris Gibson (R-NY) have signed on as cosponsors.
Originally signed into law in 1997 and extended through December 31, 2011, Section 198’s Brownfields Tax Incentive is a tax deduction intended to encourage the cleanup and revitalization of brownfield properties. Under the incentive, environmental cleanup costs are fully deductible in the year incurred, rather than capitalized and spread over time. Improvements in 2006 expanded the Incentive to include petroleum cleanup.