1. Short title

This Act may be cited as the "Brownfield Revitalization and Remediation Act".

2. Restoring and expanding expensing of qualified environmental remediation expenditures

(a) Restoring expensing - Section 198(h) of the Internal Revenue Code of 1986 is amended to read as follows:

(h) Termination - This section shall not apply to expenditures paid or incurred—

(1) after December 31, 2011, and before January 1, 2025, or

(2) after December 31, 2029.

(b) Expanding expensing -

(1) Inclusion of certain assessment, investigation, and monitoring expenses - Section 198(b)(1)(B) of such Code is amended by inserting "(including reasonable expenditures for the assessment, investigation, and monitoring of such site in connection with such abatement or control)" after "qualified contaminated site".

(2) Special rule for depreciable property with respect to brownfield sites - Section 198(b)(2) of such Code is amended by inserting "(other than a brownfield site (as defined in section 101(39) of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980))" after "qualified contaminated site".

(3) Treatment of pollutants and contaminants as hazardous substances - Section 198(d)(1) of such Code is amended—

(A) by striking "and" at the end of subparagraph (B),

(B) by redesignating subparagraph (C) as subparagraph (D), and

(C) by inserting after subparagraph (B) the following new subparagraph:

(C) any substance which is a pollutant or contaminant as defined in section 101(33) of such Act, and

(c) Effective date - The amendments made by this section shall take effect upon the date of the enactment of this Act.