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H.R. 1753House110th Congress (2007-2009)In Committee

To amend the Internal Revenue Code of 1986 to make the expensing of environmental remediation costs permanent law and to repeal the recapture of such expenses under section 1245 of such Code.

Sponsored by Jerry WellerRep. Jerry Weller (R-IL)
Introduced March 29, 2007

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2 earlier actions
HouseIntro Referral Latest Action

Sponsor introductory remarks on measure. (CR E723)

March 30, 2007

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HouseIntro Referral

Introduced in House

March 29, 2007

HouseIntro Referral

Referred to the House Committee on Ways and Means.

Ways and Means Committee

March 29, 2007

HouseIntro Referral

Sponsor introductory remarks on measure. (CR E723)

March 30, 2007

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Introduced in HouseIssued March 29, 2007

I

110th CONGRESS

1st Session

H. R. 1753

IN THE HOUSE OF REPRESENTATIVES

March 29, 2007

Mr. Weller of Illinois (for himself and Mr. Becerra) 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 make the expensing of environmental remediation costs permanent law and to repeal the recapture of such expenses under section 1245 of such Code.

1.

EXPENSING OF ENVIRONMENTAL REMEDIATION COSTS MADE PERMANENT; REPEAL OF SECTION 1245 RECAPTURE

(a)

Provision made permanent

Section 198 of the Internal Revenue Code of 1986 (relating to expensing of environmental remediation costs) is amended by striking subsection (h).

(b)

Elimination of Recapture on Sale

Section 198 of the Internal Revenue Code of 1986 is amended by striking subsection (e) and by redesignating subsections (f) and (g) as subsections (e) and (f), respectively.

(c)

Effective dates

(1)

Subsection (a)

The amendment made by subsection (a) shall apply to expenditures paid or incurred after December 31, 2006.

(2)

Subsection (b)

The amendment made by subsection (b) shall apply to dispositions after the date of the enactment of this Act.