Sec. 3120. Treatment of environmental remediation costs
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Subsection
(a)of section 198 is amended to read as follows: In the case of a taxpayer’s qualified environmental remediation expenditures for any taxable year— except as provided in paragraph (2), no deduction shall be allowed for such expenditures, and the taxpayer shall— charge such expenditures to capital account, and be allowed an amortization deduction of such expenditures ratably over the 40-year period beginning with the midpoint of the taxable year in which such expenditures are paid or incurred. . Section 198 is amended by striking subsection (h). Section 198, as amended by subsection (b), is amended by striking subsection
(f)and by redesignating subsection
(g)as subsection (f). Section 198 (and the item relating to such section in the table of sections for part VI of subchapter B of chapter 1) is amended by striking in the heading thereof and inserting Expensing . Amortization The amendments made by this section shall apply to expenditures paid or incurred after December 31, 2014.