A bipartisan bill offered on Jan. 28 by U.S. Rep. Mike Turner (R-OH) would reinstate the expired tax incentive that lets developers fully deduct the costs of environmental remediation at brownfields, which are underutilized, often vacant, industrial and commercial areas or abandoned factories that are undeveloped due to contamination concerns.
Rep. Turner cosponsored the Brownfields Redevelopment Tax Incentive Reauthorization Act, H.R. 815, alongside bill sponsor U.S. Rep. Mikie Sherrill (D-NJ) to amend the Internal Revenue Code of 1986 to extend expensing of environmental remediation costs for brownfields in the year they are incurred.
“Brownfield redevelopment is a proven tool for revitalizing communities and driving economic growth,” said Rep. Turner, who as the former mayor of Dayton, Ohio, helped turn a brownfield into Day Air Ballpark, a minor league baseball stadium and home to the Dayton Dragons, an affiliate of the Cincinnati Reds.
“This bipartisan effort showcases how communities can attract investment, and I thank Congresswoman Sherrill for her partnership,” Rep. Turner said.
Rep. Sherrill added that remediating brownfields allows for the cleanup of toxic chemicals and waste from the groundwater, helps mitigate flooding, and transforms currently unused spaces into economic opportunities for business investment.
“That’s why I am reintroducing this bipartisan legislation to bring our hard-earned federal dollars back to New Jersey to help remediate and build on New Jersey’s brownfields,” she said. “This tax credit will help continue our work to drive federal dollars back into New Jersey to lower costs and expand economic opportunities in our state.”
According to the lawmakers, there are an estimated 450,000 or more brownfields across the country. The Brownfields Tax Incentive, which first passed as part of the Taxpayer Relief Act of 1997, received a two-year extension in 2009, but then expired on Jan. 1, 2012.
Rep. Turner has been a leading advocate for this measure since 2018.