This bill extends a federal tax incentive that allows businesses to immediately deduct the costs of cleaning up contaminated properties, known as brownfields. The tax break, which was set to expire after 2022, would be revived for environmental remediation costs incurred after December 31, 2026, creating a gap in eligibility for work done between 2023 and 2026. The legislation affects property developers, environmental remediation companies, and businesses undertaking cleanup projects on contaminated land. By allowing these costs to be deducted immediately rather than depreciated over time, the bill aims to make brownfields redevelopment more financially attractive and encourage the reuse of contaminated industrial sites.
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