H.R. 5472 would restore and expand a tax rule that lets taxpayers expense certain environmental cleanup costs. It would apply the rule to qualifying costs paid or incurred from January 1, 2025, through December 31, 2029. Eligible costs would include reasonable site assessment, investigation, and monitoring tied to pollution control or cleanup. The bill also changes how the rule applies to brownfield sites and includes pollutants and contaminants in its definition of covered substances. The bill was referred to the House Committee on Ways and Means.
If you pay qualifying costs to clean up a contaminated site, the bill could let you expense those costs in the year paid or incurred during the eligible period. Tax rules would determine whether particular expenses qualify.
The bill provides no estimate of its cost or effect on tax revenue. It concerns the tax treatment of qualifying cleanup expenses.
No publicly available information.
No publicly available information.