Page:United States Statutes at Large Volume 114 Part 5.djvu/665

 PUBLIC LAW 106-554—APPENDIX G 114 STAT. 2763A-625 SEC. 162. MODIFICATIONS TO EXPENSING OF ENVIRONMENTAL REMEDIATION COSTS. (a) EXPENSING NOT LIMITED TO SITES IN TARGETED AREAS.— Subsection (c) of section 198 is amended to read as follows: "(c) QUALIFIED CONTAMINATED SITE. — For purposes of this section— "(1) IN GENERAL.—The term 'qualified contaminated site' means any area— "(A) which is held by the taxpayer for use in a trade or business or for the production of income, or which is property described in section 1221(a)(1) in the hands of the taxpayer, and "(B) at or on which there has been a release (or threat of release) or disposal of any hazardous substance. "(2) 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). "(3) TAXPAYER MUST RECEIVE STATEMENT FROM STATE ENVIRONMENTAL AGENCY.—An area shall be treated as a qualified contaminated site with respect to expenditures paid or incurred during any taxable year only if the taxpayer receives a statement from the appropriate agency of the State in which such area is located that such area meets the requirement of paragraph (1)(B). "(4) APPROPRIATE STATE AGENCY.—For purposes of paragraph (3), the chief executive officer of each State may, in consultation with the Administrator of the Environmental Protection Agency, designate the appropriate State environmental agency within 60 days of the date of the enactment of this section. If the chief executive officer of a State has not designated an appropriate environmental agency within such 60-day period, the appropriate environmental agency for such State shall be designated by the Administrator of the Environmental Protection Agency.". (b) EXTENSION OF TERMINATION DATE.— Subsection (h) of section 198 is amended by striking "2001" and inserting "2003". (c) EFFECTIVE DATE.— The amendments made by this section shall apply to expenditures paid or incurred after the date of the enactment of this Act. SEC. 163. EXTENSION OF DC HOMEBUYER TAX CREDIT. Section 1400C(i) (relating to application of section) is amended by striking "2002" and inserting "2004". SEC. 164. EXTENSION OF DC ZONE THROUGH 2003. (a) IN GENERAL.— The following provisions are amended by striking "2002" each place it appears and inserting "2003": (1) Section 1400(f). (2) Section 1400A(b). (b) ZERO CAPITAL GAINS RATE.— Section 1400B (relating to zero percent capital gains rate) is amended— (1) by striking "2003" each place it appears and inserting "2004", and

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