Read the full story from Kohrman Jackson & Krantz LLP.
On November 16, 2023, Congressman Mike Turner (R-OH-10) and Mikie Sherill (D-NJ-11) reintroduced the bipartisan Brownfields Redevelopment Tax Incentive Reauthorization Act (H.R. 6438) (BRTIRA)…
If BRTIRA is approved, taxpayers would be able to fully deduct qualified costs paid or incurred between January 1, 2023 and December 31, 2026. The legislation would generally restore section 198 of the Internal Revenue Code, which Congress created in 1997 through the Taxpayer Relief Act of 1997, and failed to reauthorize after 2011. In combination with other federal, state and local incentives, BRTIRA would help make brownfield sites more appealing for redevelopment and competitive with greenfield sites, especially since brownfield sites may be more central to existing population, workforce and existing infrastructure than greenfield sites.
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