[Congressional Bills 114th Congress] [From the U.S. Government Publishing Office] [S. 2734 Introduced in Senate (IS)] <DOC> 114th CONGRESS 2d Session S. 2734 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. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES March 17, 2016 Mr. 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. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Creating Livable Environments And New Usable Property Act'' or the ``CLEAN UP Act''. SEC. 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. SEC. 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. <all>