To amend the Internal Revenue Code of 1986 to establish special rules for capital gains invested in brownfield and superfund sites.

Bill 119 HR 2292, also known as the Brownfield and Superfund Incentive Act, aims to amend the Internal Revenue Code of 1986 in order to create specific regulations for capital gains that are invested in brownfield and superfund sites.

Brownfield sites are areas that have been previously used for industrial or commercial purposes and may have potential environmental contamination, while superfund sites are locations identified by the Environmental Protection Agency as being heavily polluted and requiring cleanup.

The bill proposes special rules that would provide tax incentives for individuals or businesses who invest capital gains in the redevelopment or cleanup of these sites. This would encourage the revitalization of these areas, potentially leading to economic growth and environmental improvements. By establishing these special rules, the bill seeks to incentivize investment in brownfield and superfund sites, ultimately benefiting both the economy and the environment. It is aimed at promoting the rehabilitation of these areas and encouraging responsible development practices.