Cleaning Up Old Messes: Tax Deductions for Investing in Former Industrial Sites (H.R. 4542)
Do you support or oppose this bill?
What is H.R. 4542?
(Updated July 18, 2017)
This bill deals with what's known as "brownfields sites": empty or undeveloped properties that once housed industrial buildings. Since many of these sites require expensive environmental cleanup, companies are reluctant to purchase these areas for new facilities. The Internal Revenue Service (IRS) Code of 1986 was amended in 1997 (and the amendment was extended in 2009) to offer full tax deductions for the cleanup of such sites. In January 2012, the amendment expired and all tax incentives ended. This bill seeks to restart this tax-based program. Also, the bill allows investors to get the tax credit on any money spent since the date of the original amendment’s expiration (January 1, 2012).
Argument in favor
Would create jobs and aid growth in and around states' largest cities. Corporations need these incentives to deal with costly and often toxic environments like these. Would boost civic pride and morale.
Argument opposed
Tax breaks for multinational, multimillion dollar companies disguised as environmental/urban reform. There are no guarantees that investors will come to a particular state because of these tax breaks.
Impact
The bill affects some of the most rundown and/or unusable parts of urban centers, and the areas around them. If enacted, cities and counties containing brownfields sites might see an increase in investment dollars, construction jobs, and hazmat jobs.
Cost of H.R. 4542
A CBO cost estimate is currently unavailable.
Additional Info
Media:
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