Brownfields Remediation and Economic Development Act of 1997

Brownfields Remediation and Economic Development Act of 1997 - Directs the Administrator of the Environmental Protection Agency to certify and, where appropriate, provide technical assistance to any State program for brownfields (abandoned industrial sites in need of hazardous waste remediation before they may be returned to productive use) if the program: (1) covers only sites that have been contaminated prior to enactment of this Act and are not listed on the National Priorities List; (2) provides for public participation prior to a landowner's release from liability upon completion of site remediation (carried out under a certified program) under State law and under abatement and response provisions of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA); (3) provides for a reopening of a cleanup proposal under specified conditions; (4) contains standards for the sites that protect public health and the environment; and (5) includes coordination among State agencies for environmental protection and economic development.

Provides (in addition to the release of landowners from liability described above) for the release from liability under State law and under CERCLA, upon completion of remediation, of lenders and developers (except with respect to pollution directly caused by them), prospective purchasers, and local governments not involved in the management of a site.

Allows the Administrator to waive Federal permit requirements if the State program includes a waiver of State permit requirements.

Amends the Internal Revenue Code to allow 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.