Brownfield Redevelopment and Environmental Revitalization Act of 1998

TABLE OF CONTENTS:

Title I: Financial Support for Brownfield Site Remediation

Title II: Financial Support for Brownfield Site Prevention

and Redevelopment

Brownfield Redevelopment and Environmental Revitalization Act of 1998 - Title I: Financial Support for Brownfield Site Remediation - Directs the Administrator of the Environmental Protection Agency to establish a program to provide grants to States and local governments to inventory and conduct site assessments of, and other pre-cleanup activities at, brownfield sites.

(Sec. 102) Directs the Administrator to establish a program of grants to States and local governments for capitalization of loan programs for brownfield site cleanup by the locality or owner or prospective purchaser.

(Sec. 103) Makes amounts in the Hazardous Substance Superfund (the Fund) available for carrying out such grant programs. Authorizes appropriations from the Fund.

(Sec. 104) Imposes funding limitations.

(Sec. 107) Authorizes appropriations to carry out the site assessment and loan capitalization programs.

Title II: Financial Support for Brownfield Site Prevention and Redevelopment - Amends the Internal Revenue Code to allow a credit that is 50 percent of the costs: (1) paid or incurred by the taxpayer for environmental remediation of any qualified contaminated site which is owned by the taxpayer; and (2) incurred by the taxpayer pursuant to an environmental remediation plan for such site which was approved by the Administrator of the Environmental Protection Agency. Prohibits the environmental remediation credit from being determined unless the Administrator certifies that the remediation plan has been completed. Requires the credit to be taken into account ratably over the applicable five-year taxable period if the Administrator certifies that such plan has been completed.

Permits a taxpayer to cease such remediation if: (1) the cost of completing the remediation plan exceeds 200 percent of the estimated costs of completing such plan; and (2) the State or local official administering the remediation credit program agrees with such determination.

Makes certain taxpayers ineligible for the credit.

Makes the environmental remediation credit part of the sum of the current year general business credit and allows any unused portion as a deduction for certain unused business credits.

(Sec. 202) Allows an income tax deduction for payments into a tax-exempt Hazardous Waste Remediation Reserve to be used exclusively to pay costs of the taxpayer to: (1) assess the extent of a site's environmental contamination and its expected remediation cost; and (2) remediate the contamination.

(Sec. 203) Permits, as specified, the issuance of tax-exempt qualified contaminated site remediation bonds.

(Sec. 204) Amends the Small Business Investment Act of 1958 to require the Small Business Administration (SBA) to set aside a specified amount available for the development company program for local development companies to use to finance projects that assist existing or prospective new businesses in carrying out site assessment and cleanup activities at brownfield sites.

(Sec. 205) Directs the SBA to promote the formation of small business investment companies (SBICs) devoted to: (1) brownfield site cleanup activities; or (2) projects that help existing companies clean up their facilities and adopt new, clean technologies. Waives filing fees for such companies. Requires the SBA to set aside a specified amount available for the SBIC program to provide leverage to such companies.