To amend the Internal Revenue Code of 1986 to allow a credit for the cleanup of certain contaminated industrial sites.

Amends the Internal Revenue Code to establish an environmental remediation credit program that allows businesses a credit for 40 percent of the costs incurred for: (1) environmental remediation with respect to any qualified contaminated site; and (2) an approved environmental remediation plan.

Requires the Secretary of Housing and Urban Development to designate States for participation in the credit program. Establishes the overall credit limitation and provides for its allocation among eligible States.

Allows the issuance of tax-exempt bonds for qualified contaminated site remediation, with limitations.