Sec. 111. Tax credits for reduction of lead, radon, and asbestos hazards in rural commercial structures
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Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new sections: There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to 10 percent of the lead hazard reduction activity cost paid or incurred by the taxpayer during the taxable year for each eligible commercial structure. The amount of the credit allowed under subsection
(a)for any eligible commercial structure for any taxable year shall not exceed $1,000. For purposes of this section: The term certified lead abatement supervisor means an individual certified by the Environmental Protection Agency pursuant to section 745.226 of title 40, Code of Federal Regulations, or an appropriate State agency pursuant to section 745.325 of title 40, Code of Federal Regulations. The term certified inspector means an inspector certified by the Environmental Protection Agency pursuant to section 745.226 of title 40, Code of Federal Regulations, or an appropriate State agency pursuant to section 745.325 of title 40, Code of Federal Regulations. The term certified risk assessor means a risk assessor certified by the Environmental Protection Agency pursuant to section 745.226 of title 40, Code of Federal Regulations, or an appropriate State agency pursuant to section 745.325 of title 40, Code of Federal Regulations. The term eligible commercial structure means, with respect to any taxable year, any building which is— within the scope of Standard 90.1–2007 (as defined in section 179(c)(2)), placed in service before 2002, and located in a rural renewal community (as defined in section 45D(f)(4)(C)). The term lead hazard reduction activity cost means, with respect to any eligible commercial structure— the cost for a certified risk assessor to conduct an assessment to determine the presence of lead pipes or a lead-based paint hazard, the cost for performing lead abatement measures by a certified lead abatement supervisor, including the removal of lead pipes, the removal of paint and dust, the permanent enclosure or encapsulation of lead-based paint, the replacement of painted surfaces, windows, or fixtures, or the removal or permanent covering of soil when lead-based paint hazards are present in such paint, dust, or soil, and the cost for a certified lead abatement supervisor, those working under the supervision of such supervisor, or a qualified contractor to perform all preparation, cleanup, disposal, and clearance testing activities associated with the lead abatement measures. The term lead hazard reduction activity cost does not include any cost to the extent such cost is funded by any grant, contract, or otherwise by another person or any governmental agency. In the case of an eligible commercial structure for which no significant lead hazard reduction activity cost has been incurred before January 1, 2020, the term lead hazard reduction activity cost shall not include any cost paid or incurred on or after such date. The term lead-based paint hazard has the meaning given such term by section 745.63 of title 40, Code of Federal Regulations. The term qualified contractor means a Lead-Safe Certified Firm or certified renovator under the Lead Renovation, Repair and Painting Program of the Environmental Protection Agency. No credit shall be allowed under subsection
(a)with respect to any eligible commercial structure for any taxable year unless— after lead hazard reduction activity is complete, a certified inspector or certified risk assessor provides written documentation to the taxpayer that includes— evidence that the eligible commercial structure meets lead hazard evaluation criteria established by the Environmental Protection Agency or under an authorized State or local program, and documentation showing that the lead hazard reduction activity meets the requirements of this section, and the taxpayer files with the appropriate State agency and attaches to the tax return for the taxable year— the documentation described in subparagraph (A), documentation of the lead hazard reduction activity costs paid or incurred during the taxable year with respect to the eligible commercial structure, and a statement certifying that the commercial structure qualifies as an eligible commercial structure for such taxable year. The basis of any property for which a credit is allowable under subsection
(a)shall be reduced by the amount of such credit. Any deduction allowable for costs taken into account in computing the amount of the credit for lead-based paint abatement shall be reduced by the amount of such credit attributable to such costs. There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to 10 percent of the radon hazard reduction activity cost paid or incurred by the taxpayer during the taxable year for each eligible commercial structure. The amount of the credit allowed under subsection
(a)for any eligible commercial structure for any taxable year shall not exceed $1,000. For purposes of this section: The term eligible commercial structure means, with respect to any taxable year, any building which is— within the scope of Standard 90.1–2007 (as defined in section 179(c)(2)), placed in service before 2002, and located in a rural renewal community (as defined in section 45D(f)(4)(C)). The term qualified radon measurement professional means an individual who has demonstrated the minimum degree of appropriate technical knowledge and skills specific to radon measurement in conformance with the requirements of— a certification standard promulgated by the American National Standards Institute or International Organization for Standardization, a State, local or other governmental licensing (or equivalent) program, or any other recognized or accredited certification process as determined by the Secretary. The term qualified radon mitigation professional means an individual who has demonstrated the minimum degree of appropriate technical knowledge and skills specific to radon mitigation in conformance with the requirements of— a certification standard promulgated by the American National Standards Institute or International Organization for Standardization, a State, local or other governmental licensing (or equivalent) program, or any other recognized or accredited certification process as determined by the Secretary. The term radon has the meaning given the term in section 302 of the Toxic Substances Control Act ( 15 U.S.C. 2662 ). The term radon hazard reduction activity cost means, with respect to any eligible commercial structure— the cost for a qualified radon measurement professional to conduct an assessment to determine the indoor radon level of the commercial structure, and if the indoor radon level of the commercial structure is not less than 2 picocuries per liter of air, as determined by a qualified radon measurement professional, the cost for performing radon abatement measures by a qualified radon mitigation professional. The term radon hazard reduction activity cost does not include any cost to the extent such cost is funded by any grant, contract, or otherwise by another person or any governmental agency. In the case of an eligible commercial structure for which no significant radon hazard reduction activity cost has been incurred before January 1, 2020, the term radon hazard reduction activity cost shall not include any cost paid or incurred on or after such date. No credit shall be allowed under subsection
(a)with respect to any eligible commercial structure for any taxable year unless— after radon hazard reduction activity is complete, a qualified radon measurement professional provides written documentation to the taxpayer that includes— evidence that the eligible commercial structure meets radon hazard evaluation criteria established under an authorized State or local program, and documentation showing that the radon hazard reduction activity meets the requirements of this section, and the taxpayer files with the appropriate State agency and attaches to the tax return for the taxable year— the documentation described in subparagraph (A), documentation of the radon hazard reduction activity costs paid or incurred during the taxable year with respect to the eligible commercial structure, and a statement certifying that the commercial structure qualifies as an eligible commercial structure for such taxable year. The basis of any property for which a credit is allowable under subsection
(a)shall be reduced by the amount of such credit. Any deduction allowable for costs taken into account in computing the amount of the credit for radon abatement shall be reduced by the amount of such credit attributable to such costs. There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to 10 percent of the asbestos hazard reduction activity cost paid or incurred by the taxpayer during the taxable year for each eligible commercial structure. The amount of the credit allowed under subsection
(a)for any eligible commercial structure for any taxable year shall not exceed $1,000. For purposes of this section: The term accredited asbestos abatement contractor or supervisor means any person accredited as a contractor or supervisor under the Asbestos Model Accreditation Plan of the Environmental Protection Agency. The term accredited asbestos inspector means any person accredited as an inspector under the Asbestos Model Accreditation Plan of the Environmental Protection Agency. The term asbestos has the meaning given the term in section 202 of the Toxic Substances Control Act ( 15 U.S.C. 2642 ). The term asbestos hazard has the meaning given the term imminent hazard to the health and safety in section 11 of the Asbestos School Hazard Detection and Control Act of 1980 ( 20 U.S.C. 3610 ). The term asbestos hazard reduction activity cost means, with respect to any eligible commercial structure— the cost for an accredited asbestos inspector to conduct an assessment to determine the presence of a asbestos hazard, the cost for performing asbestos abatement measures by an accredited asbestos abatement contractor or supervisor, the cost for performing interim asbestos control measures to reduce exposure or likely exposure to asbestos hazards, but only if such measures are evaluated and completed by an accredited asbestos abatement contractor or supervisor using accepted methods, are conducted by an accredited asbestos abatement contractor or supervisor, and have an expected useful life of more than 10 years, and the cost for an accredited asbestos abatement supervisor, those working under the supervision of such supervisor, or an accredited asbestos abatement contractor or supervisor to perform all preparation, cleanup, disposal, and clearance testing activities associated with the asbestos abatement measures or interim asbestos control measures. The term asbestos hazard reduction activity cost does not include any cost to the extent such cost is funded by any grant, contract, or otherwise by another person or any governmental agency. In the case of an eligible commercial structure for which no significant asbestos hazard reduction activity cost has been incurred before January 1, 2020, the term asbestos hazard reduction activity cost shall not include any cost paid or incurred on or after such date. The term eligible commercial structure means, with respect to any taxable year, any building which is— within the scope of Standard 90.1–2007 (as defined in section 179(c)(2)), placed in service before 2002, and located in a rural renewal community (as defined in section 45D(f)(4)(C)). No credit shall be allowed under subsection
(a)with respect to any eligible commercial structure for any taxable year unless— after asbestos hazard reduction activity is complete, an accredited asbestos inspector provides written documentation to the taxpayer that includes— evidence that the eligible commercial structure meets asbestos hazard evaluation criteria established under an authorized State or local program, and documentation showing that the asbestos hazard reduction activity meets the requirements of this section, and the taxpayer files with the appropriate State agency and attaches to the tax return for the taxable year— the documentation described in subparagraph (A), documentation of the asbestos hazard reduction activity costs paid or incurred during the taxable year with respect to the eligible commercial structure, and a statement certifying that the commercial structure qualifies as an eligible commercial structure for such taxable year. The basis of any property for which a credit is allowable under subsection
(a)shall be reduced by the amount of such credit. Any deduction allowable for costs taken into account in computing the amount of the credit for asbestos abatement shall be reduced by the amount of such credit attributable to such costs. . Section 38(b) is amended— in paragraph (35), by striking plus at the end, in paragraph (36), by striking the period at the end and inserting a comma, and by adding at the end the following new paragraphs: the lead hazard reduction activity credit determined under section 45S(a), the radon hazard reduction activity credit determined under section 45T(a), plus the asbestos hazard reduction activity credit determined under section 45U(a). . The table of sections for subpart D of part IV of subchapter A of chapter 1 is amended by adding at the end the following new items: Sec. 45S. Lead hazard reduction activity. Sec. 45T. Radon hazard reduction activity. Sec. 45U. Asbestos hazard reduction activity. . The amendments made by this section shall apply to costs incurred after December 31, 2016, in taxable years ending after that date.
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Sec. 111
Tax credits for reduction of lead, radon, and asbestos hazards in rural commercial structures
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