Page:United States Statutes at Large Volume 111 Part 1.djvu/908

 Ill STAT. 884 PUBLIC LAW 105-34—AUG. 5, 1997 "(A) IN GENERAL.—The term 'targeted area' means— "(i) any population census tract with a poverty rate of not less than 20 percent, "(ii) a population census tract with a population of less than 2,000 if— "(I) more than 75 percent of such tract is zoned for commercial or industrial use, and "(II) such tract is contiguous to 1 or more other population census tracts which meet the requirement of clause (i) without regard to this clause, "(iii) any empowerment zone or enterprise community (and any supplemental zone designated on December 21, 1994), and "(iv) any site announced before February 1, 1997, as being included as a brownfields pilot project of the Environmentfd Protection Agency. " (B) NATIONAL PRIORITIES LISTED SITES NOT INCLUDED.— Such term shall not include any site which is on, or proposed for, the national priorities list under section 105(a)(8)(B) of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (as in effect on the date of the enactment of this section). "(C) CERTAIN RULES TO APPLY. —For purposes of this paragraph the rules of sections 1392(b)(4) and 1393(a)(9) shall apply. "(d) HAZARDOUS SUBSTANCE. —For purposes of this section— "(1) IN GENERAL. — The term 'hazardous substance' means— "(A) any substance which is a hazardous substance as defined in section 101(14) of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, and "(B) any substeince which is designated as a hazardous substance under section 102 of such Act. "(2) EXCEPTION. — Such term shall not include any substance with respect to which a removal or remedial action is not permitted under section 104 of such Act by reason of subsection (a)(3) thereof "(e) DEDUCTION RECAPTURED AS ORDINARY INCOME ON SALE, ETC.Solely for purposes of section 1245, in the case of property to which a qualified environmental remediation expenditure would have been capitalized but for this section— "(1) the deduction allowed by this section for such expenditure shall be treated as a deduction for depreciation, and "(2) such property (if not otherwise section 1245 property) shall be treated as section 1245 property solely for purposes of applying section 1245 to such deduction. "(f) COORDINATION WITH OTHER PROVISIONS. —Sections 280B and 468 shall not apply to amounts which are treated as expenses under this section. "(g) REGULATIONS.—The Secretary shall prescribe such regulations as may be necessary or appropriate to carry out the purposes of this section. " (h) TERMINATION.—This section shall not apply to expenditures paid or incurred after December 31, 2000.".

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