Brownfields Redevelopment Tax Incentive Reauthorization Act of 2021
This bill extends through 2024 the election to expense (i.e., deduct in the current taxable year) environmental remediation costs (i.e., costs for the abatement or control of hazardous substances at a qualified contaminated site). The bill applies to expenditures paid or incurred after December 31, 2020.
To amend the Internal Revenue Code of 1986 to extend expensing of 
                    environmental remediation costs.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Brownfields Redevelopment Tax 
Incentive Reauthorization Act of 2021''.

SEC. 2. EXTENSION OF EXPENSING OF ENVIRONMENTAL REMEDIATION COSTS.

    (a) In General.--Section 198(h) of the Internal Revenue Code of 
1986 is amended by striking ``incurred after December 31, 2011'' and 
inserting the following: ``incurred--
            ``(1) after December 31, 2011, and before January 1, 2021, 
        or
            ``(2) after December 31, 2024.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to expenditures paid or incurred after December 31, 2020.
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Brownfields Redevelopment Tax Incentive Reauthorization Act of 2021
To amend the Internal Revenue Code of 1986 to extend expensing of environmental remediation costs.
Brownfields Redevelopment Tax Incentive Reauthorization Act of 2021
Rep. Sherrill, Mikie