S. 2734 — Introduced in Senate

II 114th CONGRESS 2d Session S. 2734 IN THE SENATE OF THE UNITED STATES March 17, 2016Mr. Murphy introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to extend the exclusion of gain or loss from the sale or exchange of certain brownfield sites from unrelated business taxable income, and to extend expensing of environmental remediation costs. 1. Short title This Act may be cited as the Creating Livable Environments And New Usable Property Act or the CLEAN UP Act. 2. Extension of exclusion of gain or loss on sale or exchange of certain brown­field sites from unrelated business taxable income (a) In general Section 512(b)(19)(K) of the Internal Revenue Code of 1986 is amended by striking December 31, 2009 and inserting December 31, 2019. (b) Effective date The amendment made by this section shall apply to any gain or loss on the sale, exchange, or other disposition of any property acquired by the taxpayer after December 31, 2015. 3. Extension of expensing of environmental remediation costs (a) In general Section 198(h) of the Internal Revenue Code of 1986 is amended by striking December 31, 2011 and inserting December 31, 2019. (b) Effective date The amendment made by subsection (a) shall apply to expenditures paid or incurred after December 31, 2015.