Sending Office: Honorable Elizabeth H. Esty
Sent By:
Jessica.Brown@mail.house.gov
Call For Original Cosponsors –
the Brownfields Redevelopment Tax Incentive Reauthorization Act of 2018
Dear Colleague,
With Earth Day fast approaching, we invite you to be an original cosponsor of the Brownfields Redevelopment Tax Incentive Reauthorization Act of 2018 to spur the cleanup and redevelopment of brownfields and support job creation. Brownfields are vacant or
undeveloped areas, typically former industrial sites, where reuse is complicated by environmental contamination concerns.
We hear time and time again from business owners, developers, and local leaders in our districts that the high costs of clean-up deter initial private sector investments. Our bill, the Brownfields Redevelopment Tax Incentive Reauthorization Act of 2018,
would reauthorize a tax incentive program to allow developers to fully deduct the costs of environmental cleanups of brownfields in the year the costs were incurred.
The Brownfields Tax Incentive first passed as part of the Taxpayer Relief Act of 1997. It allowed taxpayers to deduct remediation expenditures for the cleanup of a property if the property was used for a trade, business, or for the production of income.
However, following a two-year extension in 2009, the incentive expired on January 1, 2012, and Congress has failed to reauthorize this tax incentive. If passed in to law, our legislation would reauthorize the tax incentive through December 31, 2021, providing
four years of certainty for potential developers.
Please join me as an original cosponsor of this bill to revitalize our cities and towns by encouraging private sector investment in former industrial sites. For more information or to cosponsor this legislation, please contact Jessica Brown at
Jessica.Brown@mail.house.gov or Tim Ursprung at
Tim.Ursprung@mail.house.gov.
Sincerely,
__________________ __________________
Elizabeth H. Esty Peter T. King
Member of Congress Member of Congress
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