Full Text: Rubin Statement On 'Brownfields Tax Incentive.'
RR-932
- Institutional AuthorsTreasury Department
- Cross-ReferenceSee headlines in today's issue for story on "brownfields."
- Subject Area/Tax Topics
- Index Terms"brownfields"tax incentivescitiesenvironment, cleanup costsempowerment zonesbudget, federal
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 96-7468 (1 page)
- Tax Analysts Electronic Citation96 TNT 50-31
March 11, 1996
STATEMENT OF TREASURY SECRETARY ROBERT E. RUBIN
ON A NEW BROWNFIELDS TAX INCENTIVE
[1] "Today, President Clinton will announce the details of a new, targeted tax incentive to spur the clean up and redevelopment of "brownfields" in distressed rural and urban areas.
[2] The President's brownfields tax incentive will help bring thousands of environmentally contaminated industrial sites back into productive use again, help to rebuild neighborhoods, create jobs, and restore hope to our nation's cities and distressed rural areas," Secretary Rubin said. "This tax incentive is good for the environment, good for growth, and good for America's communities that for too long have been left behind."
BACKGROUND
[3] Under the proposal, environmental clean up costs would be fully deductible in the year in which they are incurred, a significant incentive that would reduce the cost of capital for these types of investments by more than half. The $2 billion incentive, fully paid for in the President's seven year balanced budget, is expected to leverage $10 billion in private investment, returning an estimated 30,000 brownfields to productive use again.
[4] The tax incentive would be available in existing EPA Brownfields pilot areas, in areas with a poverty rate of 20 percent or more, in adjacent industrial or commercial areas, and in Empowerment Zones and Enterprise Communities, both existing ones and those that would be designated in the second round proposed in the President's budget.
- Institutional AuthorsTreasury Department
- Cross-ReferenceSee headlines in today's issue for story on "brownfields."
- Subject Area/Tax Topics
- Index Terms"brownfields"tax incentivescitiesenvironment, cleanup costsempowerment zonesbudget, federal
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 96-7468 (1 page)
- Tax Analysts Electronic Citation96 TNT 50-31