A bill to amend the Internal Revenue Code of 1986 to provide for the expensing of environmental remediation costs in empowerment zones and enterprise communities.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow a taxpayer to elect to treat any environmental remediation cost as an expense not chargeable to capital account and therefore allowable as a deduction for the taxable year in which it is paid or incurred. Defines "environmental remediation cost" as a cost which is: (1) chargeable to capital account; (2) paid or incurred in connection with environmental contaminant abatement or control at a site in an empowerment zone or enterprise community; and (3) certified by the applicable Federal or State authority as one required by and in compliance with applicable law governing such abatement and control. Excludes from such costs amounts paid or incurred: (1) for equipment of a character subject to a depreciation or amortization allowance; or (2) in connection with a site on the National Priorities List under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980.…