Tax Deductions Restored and Expanded for Brownfield Cleanup Costs
This Act restores and expands the ability to immediately deduct (expense) qualified environmental remediation expenditures. The restored tax treatment applies to expenditures paid or incurred after December 31, 2024, and before January 1, 2030.
Key points
Restores the immediate tax deduction (expensing) for qualified environmental remediation expenditures, which had previously expired.
Expands the deduction to include costs for assessing, investigating, and monitoring contaminated sites.
Broadens the scope of eligible cleanup activities by including pollutants and contaminants in the definition of hazardous substances.
Status:
Introduced
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