Bill 119 HR 815, also known as the Environmental Remediation Expensing Act of 2021, aims to amend the Internal Revenue Code of 1986 to extend the expensing of environmental remediation costs. This bill would allow businesses to deduct the costs of cleaning up environmental contamination from their taxes, providing an incentive for companies to invest in cleaning up polluted sites.
The bill is designed to encourage businesses to take responsibility for cleaning up environmental hazards and promoting environmental sustainability. By allowing companies to deduct these costs from their taxes, it incentivizes them to invest in remediation efforts, ultimately leading to cleaner and safer environments for communities.
If passed, this bill would have a positive impact on the environment by encouraging businesses to proactively address environmental contamination issues. It would also provide economic benefits by potentially creating jobs in the environmental remediation industry.
Overall, Bill 119 HR 815 seeks to promote environmental responsibility among businesses while also providing economic incentives for investing in environmental cleanup efforts.