H.R. 3451 · 109th Congress

To amend the Internal Revenue Code of 1986 to provide for the use of redevelopment bonds for environmental remediation.

Stage
In committee
Introduced
2005-07-27
Latest action
2005-07-27 · Introduced in House

Summary

Amends the Internal Revenue Code to allow the use of tax-exempt redevelopment bonds for the costs of environmental remediation. Defines "environmental remediation" as: (1) abatement or control of hazardous substances; (2) demolition of existing contaminated structures, permit fees necessary for remediation, and environmental audits; (3) health assessments or health effects studies related to a contaminated site; and (4) remediation of off-site contamination caused by activity on a contaminated site. Denies an income tax deduction for interest paid on redevelopment bonds for environmental remediation if the Administrator of the Environmental Protection Agency determines that a remediation plan financed with redevelopment bonds was not satisfactorily completed.