Brownfields Redevelopment Act of 1997

[AI summary unavailable — showing source text] Brownfields Redevelopment Act of 1997 - Amends the Internal Revenue Code to allow a credit that is 50 percent of the costs: (1) paid or incurred by the taxpayer for environmental remediation of any qualified contaminated site which is owned by the taxpayer; and (2) incurred by the taxpayer pursuant to an environmental remediation plan for such site which was approved by the Administrator of the Environmental Protection Agency or by the head of any State or local government agency designated by the Administrator. Disallows the environmental remediation credit from being determined unless the Administrator or the Administrator's designee certifies that the remediation plan has been completed. Provides that if the Administrator certifies that such plan has been completed, the credit shall be taken into account ratably over the five-year taxable period. Permits a taxpayer to cease such remediation if: (1) the cost of completing the remediation plan exceeds 200 percent of the estimated costs of completing such plan; and (2) the State or local official administering the remediation credit program agrees with such determination. Prohibits certain taxpayers with respect to a qualified cont…