S.1542: A bill to amend the Internal Revenue Code of 1986 to provide for the expensing of environmental remediation costs in empowerment zones and enterprise communities.

Amends the Internal Revenue Code to allow a taxpayer to elect to treat any environmental remediation cost as an expense not chargeable to capital account and therefore allowable as a deduction for the taxable year in which it is paid or incurred. Defines "environmental remediation cost" as a cost which is: (1) chargeable to capital account; (2) paid or incurred in connection with environmental contaminant abatement or control at a site in an...

(Source: Library of Congress)