H.R. 402House108th Congress (2003-2005)In Committee

Brownfield Cleanup Enhancement Act of 2003

Introduced January 28, 2003

Legislative Activity

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HouseIntro Referral Latest Action

Referred to the House Committee on Ways and Means.

January 28, 2003

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HouseIntro Referral

Introduced in House

January 28, 2003

HouseIntro Referral

Referred to the House Committee on Ways and Means.

January 28, 2003

Floor Debate

21 members

What members said about H.R. 402 on the floor

9 Republicans12 Democrats
James P. McGovern
Rep. James P. McGovernD-MA-3 · May 6, 2004

Mr. Speaker, I yield myself such time as I may consume. (Mr. McGOVERN asked and was given permission to revise and extend his remarks.) Mr. Speaker, I thank the gentleman from Washington for yielding…

Jim McDermott
Rep. Jim McDermottD-WA-7 · May 6, 2004

Mr. Speaker, we all know what is going on out here today. We are passing a CYA resolution to limit the damage. The Christian Science Monitor carries the story of Mr. Miklaszewski from NBC News who…

David R. Obey
Rep. David R. ObeyD-WI-7 · May 6, 2004

Mr. Speaker, this resolution will be minimally useful at best. I intend to vote for it. But it falls far short of what this House ought to be doing today. Lou Dobbs two days ago on CNN I think said…

Doc Hastings
Rep. Doc HastingsR-WA-4 · May 6, 2004

Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 628 and ask for its immediate consideration. Mr. Speaker, for the purpose of debate only, I yield the customary 30…

Duncan Hunter
Rep. Duncan HunterR-CA-52 · May 6, 2004

Mr. Speaker, I think it is time for us to refocus. The focus should be on the fact that we have had over 300,000 Americans in uniform serving in this theater. The vast majority of them have served…

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Barney Frank
Rep. Barney FrankD-MA-4 · May 6, 2004

Mr. Speaker, I agree that the great majority, overwhelming majority of Americans serving in Iraq, military and civilian, are honorable people who have gone to great risk. They are among the victims…

Randy (Duke) Cunningham
Rep. Randy (Duke) CunninghamR-CA-50 · May 6, 2004

Mr. Speaker, all of us on both sides of the aisle come to the well and to discuss the different events on this resolution. First of all, I am very, very proud of the men and women that serve in our…

Porter J. Goss
Rep. Porter J. GossR-FL-14 · May 6, 2004

Mr. Speaker, I thank my colleague and friend, the gentleman from Washington (Mr. Hastings) for yielding me this time. Mr. Speaker, we have always known that the war on terrorism was going to be…

David Dreier
Rep. David DreierR-CA-26 · May 6, 2004

Mr. Speaker, I rise in strong support of this rule. Last night, I stood here in the well following the speech that my friend from Georgia gave and he has delivered the same speech, and I want to say…

Deborah Pryce
Rep. Deborah PryceR-OH-15 · May 6, 2004

Mr. Speaker, I thank the gentleman for yielding me time. Mr. Speaker, I rise today in support of this rule and the underlying legislation. I rise in sadness and regret. The behavior of the soldiers…

Alcee L. Hastings
Rep. Alcee L. HastingsD-FL-23 · May 6, 2004

Mr. Speaker, I thank my colleague and my good friend, the gentleman from Massachusetts (Mr. McGovern) for yielding me this time. This morning he and I and the other members of the Committee on Rules…

John Lewis
Rep. John LewisD-GA-5 · May 6, 2004

Mr. Speaker, I rise to speak against this rule. We can do better. We can do much better as a Nation and as a people. Mr. Speaker, I rise today with a heavy heart, but my conscience is clear. I am so…

Robin Hayes
Rep. Robin HayesR-NC-8 · May 6, 2004

Mr. Speaker, I thank the gentleman for yielding me the time. We come today together as a unified body, 435 Members of the people's House, without any question about condemning totally unacceptable…

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Earl Blumenauer
Rep. Earl BlumenauerD-OR-3 · May 6, 2004

Mr. Speaker, I appreciate the gentleman yielding me time. Mr. Speaker, it is sad that the resolution before U.S. today is as close as we can get to having a full and open debate on the tragedy that…

Barbara Lee
Rep. Barbara LeeD-CA-9 · May 6, 2004

Mr. Speaker, I thank the gentleman from Massachusetts (Mr. McGovern) for yielding me time. Mr. Speaker, I rise in strong opposition to this rule. This resolution condemns abuse, but presents glaring…

Sue Wilkins Myrick
Rep. Sue Wilkins MyrickR-NC-9 · May 6, 2004

Mr. Speaker, I thank my colleague, the gentleman from Washington (Mr. Hastings) for yielding me this time. I rise today in strong support of both the rule and the underlying resolution. I believe…

Darlene Hooley
Rep. Darlene HooleyD-OR-5 · May 6, 2004

Mr. Speaker, I rise today to condemn the alleged abuse of prisoners in Iraq. We must take every step possible to investigate the shocking allegations, punish any perpetrators, re- examine our entire…

Sander M. Levin
Rep. Sander M. LevinD-MI-12 · May 6, 2004

Mr. Speaker, this resolution is written as if the administration's war in Iraq was right from the beginning and now is basically going well, and neither is correct. It is written as if support of the…

Jay Inslee
Rep. Jay InsleeD-WA-1 · May 6, 2004

Mr. Speaker, this outrage cuts to the bone, not just because it damages our international relations, but because it damages basic tenets of American values. And when you have such a deep wound,…

Janice D. Schakowsky
Rep. Janice D. SchakowskyD-IL-9 · May 6, 2004

Mr. Speaker, well, it is obvious from this resolution to me that the days of the ``buck stops here'' are dead and gone. Oh, yes, it takes occasion to single out those individuals who do have blame…

Timothy V. Johnson
Rep. Timothy V. JohnsonR-IL-15 · May 6, 2004

Mr. Speaker, on rollcall No. 147 I was unavoidably detained. Had I been present, I would have voted ``yea.''

Bill Text

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Introduced in HouseIssued January 28, 2003
        [Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 402 Introduced in House (IH)]

108th CONGRESS
1st Session
H. R. 402

To amend the Internal Revenue Code of 1986 to expand the incentives for
the environmental cleanup of certain contaminated industrial sites
designated as brownfields.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

January 28, 2003

Mr. Andrews introduced the following bill; which was referred to the
Committee on Ways and Means

_______________________________________________________________________

A BILL

To amend the Internal Revenue Code of 1986 to expand the incentives for
the environmental cleanup of certain contaminated industrial sites
designated as brownfields.

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 ``Brownfield Cleanup Enhancement Act
of 2003''.

SEC. 2. CREDIT TO HOLDERS OF QUALIFIED BROWNFIELDS CLEANUP BONDS.

(a) In General.--Subpart B of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 is amended by adding at the end
the following new section:

``SEC. 30B. CREDIT TO HOLDERS OF QUALIFIED BROWNFIELDS CLEANUP BONDS.

``(a) Allowance of Credit.--In the case of a taxpayer who holds a
qualified brownfields cleanup bond on a credit allowance date of such
bond which occurs during the taxable year, there shall be allowed as a
credit against the tax imposed by this chapter for such taxable year an
amount equal to the sum of the credits determined under subsection (b)
with respect to credit allowance dates during such year on which the
taxpayer holds such bond.
``(b) Amount of Credit.--
``(1) In general.--The amount of the credit determined
under this subsection with respect to any credit allowance date
for a qualified brownfields cleanup bond is 25 percent of the
annual credit determined with respect to such bond.
``(2) Annual credit.--The annual credit determined with
respect to any qualified brownfields cleanup bond is the
product of--
``(A) the applicable credit rate, multiplied by
``(B) the outstanding face amount of the bond.
``(3) Applicable credit rate.--For purposes of paragraph
(1), the applicable credit rate with respect to an issue is the
rate equal to an average market yield (as of the day before the
date of issuance of the issue) on outstanding long-term
corporate debt obligations (determined under regulations
prescribed by the Secretary).
``(4) Special rule for issuance and redemption.--In the
case of a bond which is issued during the 3-month period ending
on a credit allowance date, the amount of the credit determined
under this subsection with respect to such credit allowance
date shall be a ratable portion of the credit otherwise
determined based on the portion of the 3-month period during
which the bond is outstanding. A similar rule shall apply when
the bond is redeemed.
``(c) Qualified Brownfields Cleanup Bond.--For purposes of this
section--
``(1) In general.--The term `qualified brownfields cleanup
bond' means any bond issued as part of an issue if--
``(A) 95 percent or more of the proceeds of such
issue are to be used for the abatement or control of
hazardous substances at a qualified contaminated site,
``(B) the bond is issued by a State or local
government within the jurisdiction of which such site
is located,
``(C) the issuer designates such bond for purposes
of this section, and
``(D) the term of each bond which is part of such
issue does not exceed 15 years.
``(2) Limitation on amount of bonds designated.--The
maximum aggregate face amount of bonds issued during any
calendar year which may be designated under paragraph (1) by
any issuer shall not exceed the limitation amount allocated
under paragraph (3) for such calendar year to such issuer.
``(3) National limitation on amount of bonds designated.--
There is a national qualified brownfields cleanup bond
limitation for each calendar year. Such limitation is--
``(A) $100,000,000 for 2004, and
``(B) $150,000,000 for 2005.
``(4) Allocation of limitation among states.--The
limitation applicable under paragraph (3) for any calendar year
shall be allocated among the States by the Secretary of the
Treasury.
``(5) Carryover of unused limitation.--If for any calendar
year--
``(A) the amount allocated under paragraph (4) to
any State, exceeds
``(B) the amount of bonds issued during such year
which are designated under paragraph (1) pursuant to
such allocation,
the limitation amount under paragraph (4) for such State for
the following calendar year shall be increased by the amount of
such excess.
``(6) Bond to be paid back from any tax revenue increase.--
A bond shall not be treated as a qualified brownfields cleanup
bond unless any increase in real property tax revenues
(attributable to increases in assessed value) by reason of the
carrying out of the purposes described in paragraph (1)(A) is
reserved exclusively for debt service on the issue referred to
in paragraph (1) (and similar issues) to the extent such
increase does not exceed such debt service.
``(d) Limitation Based on Amount of Tax.--
``(1) In general.--The credit allowed under subsection (a)
for any taxable year shall not exceed the excess of--
``(A) the sum of the regular tax liability (as
defined in section 26(b)) plus the tax imposed by
section 55, over
``(B) the sum of the credits allowable under part
IV of subchapter A (other than subpart C thereof,
relating to refundable credits).
``(2) Carryover of unused credit.--If the credit allowable
under subsection (a) exceeds the limitation imposed by
paragraph (1) for such taxable year, such excess shall be
carried to the succeeding taxable year and added to the credit
allowable under subsection (a) for such taxable year.
``(e) Other Definitions.--For purposes of this section--
``(1) Credit allowance date.--The term `credit allowance
date' means--
``(A) March 15,
``(B) June 15,
``(C) September 15, and
``(D) December 15.
Such term includes the last day on which the bond is
outstanding.
``(2) Bond.--The term `bond' includes any obligation.
``(3) State.--The term `State' includes the District of
Columbia and any possession of the United States.
``(4) Qualified contaminated site.--The term `qualified
contaminated site' means a brownfield site designated by the
Administrator of the Environmental Protection Agency.
``(5) Hazardous substance.--The term `hazardous substance'
has the meaning provided by section 198(d).
``(f) Credit Included in Gross Income.--Gross income includes the
amount of the credit allowed to the taxpayer under this section
(determined without regard to subsection (d)) and the amount so
included shall be treated as interest income.
``(g) Bonds Held by Regulated Investment Companies.--If any
qualified brownfields cleanup bond is held by a regulated investment
company, the credit determined under subsection (a) shall be allowed to
shareholders of such company under procedures prescribed by the
Secretary.
``(h) Credits May Be Stripped.--Under regulations prescribed by the
Secretary--
``(1) In general.--There may be a separation (including at
issuance) of the ownership of a qualified brownfields cleanup
bond and the entitlement to the credit under this section with
respect to such bond. In case of any such separation, the
credit under this section shall be allowed to the person who on
the credit allowance date holds the instrument evidencing the
entitlement to the credit and not to the holder of the bond.
``(2) Certain rules to apply.--In the case of a separation
described in paragraph (1), the rules of section 1286 shall
apply to the qualified brownfields cleanup bond as if it were a
stripped bond and to the credit under this section as if it
were a stripped coupon.
``(i) Treatment for Estimated Tax Purposes.--Solely for purposes of
sections 6654 and 6655, the credit allowed by this section to a
taxpayer by reason of holding a qualified brownfields cleanup bond on a
credit allowance date shall be treated as if it were a payment of
estimated tax made by the taxpayer on such date.
``(j) Credit May Be Transferred.--Nothing in any law or rule of law
shall be construed to limit the transferability of the credit allowed
by this section through sale and repurchase agreements.
``(k) Reporting.--Issuers of qualified brownfields cleanup bonds
shall submit reports similar to the reports required under section
149(e).''
(b) Reporting.--Subsection (d) of section 6049 of such Code
(relating to returns regarding payments of interest) is amended by
adding at the end the following new paragraph:
``(8) Reporting of credit on qualified brownfields cleanup
bonds.--
``(A) In general.--For purposes of subsection (a),
the term `interest' includes amounts includible in
gross income under section 30B(f) and such amounts
shall be treated as paid on the credit allowance date
(as defined in section 30B(e)(1)).
``(B) Reporting to corporations, etc.--Except as
otherwise provided in regulations, in the case of any
interest described in subparagraph (A) of this
paragraph, subsection (b)(4) of this section shall be
applied without regard to subparagraphs (A), (H), (I),
(J), (K), and (L)(i).
``(C) Regulatory authority.--The Secretary may
prescribe such regulations as are necessary or
appropriate to carry out the purposes of this
paragraph, including regulations which require more
frequent or more detailed reporting.''
(c) Conforming Amendment.--The table of sections for subpart B of
part IV of subchapter A of chapter 1 of such Code is amended by adding
at the end the following new item:

``Sec. 30B. Credit to holders of
qualified public brownfields
cleanup bonds.''
(d) Effective Date.--The amendments made by this section shall
apply to obligations issued after December 31, 2003.
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