Brownfield Economic Revitalization Act of 1997

TABLE OF CONTENTS:

Title I: Brownfield Grants Programs

Title II: Department of Housing and Urban Development

Brownfield Grants

Title III: Expensing of Environmental Remediation Costs

Brownfield Economic Revitalization Act of 1997 - Title I: Brownfield Grants Programs - Directs the Administrator of the Environmental Protection Agency (EPA) to establish a program to provide grants to States, local governments, or Indian tribes to inventory and conduct site assessments of, and other pre-cleanup activities at, brownfield sites. Defines a "brownfield site" as an abandoned, idled, or under-used industrial or commercial facility where expansion or redevelopment is complicated by real or perceived environmental contamination.

(Sec. 103) Directs the Administrator to: (1) establish a program of grants to States, local governments, or Indian tribes for capitalization of loan programs for brownfield site cleanup by the State, locality, tribe, or owner or prospective purchaser; (2) carry out programs of assistance for partnership agreements between EPA and State and local governments, Federal agencies, or private entities and for brownfields workforce training in affected communities; and (3) establish a program of voluntary cleanup grants to States or tribes.

(Sec. 107) Authorizes appropriations.

Title II: Department of Housing and Urban Development Brownfield Grants - Amends the Housing and Community Development Act of 1974 to direct the Secretary of Housing and Urban Development to make grants, in connection with the authority to guarantee obligations to finance certain community development activities, to eligible public entities for projects and activities for economic redevelopment of brownfield sites.

Title III: Expensing of Environmental Remediation Costs - Amends the Internal Revenue Code to permit a taxpayer to elect to treat certain hazardous substance remediation expenditures as expenses not chargeable to capital account and therefore deductible in the year in which paid or incurred. Requires that such expenditures be made at non-National Priorities List contaminated sites in areas that meet specified poverty, zoning, enterprise or empowerment zone, or brownfields pilot project criteria.