Page:United States Statutes at Large Volume 118.djvu/1573

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118 STAT. 1543 PUBLIC LAW 108–357—OCT. 22, 2004 ‘‘(i) IN GENERAL.—The term ‘eligible remediation expenditures’ means, with respect to any qualifying brownfield property, any amount paid or incurred by the eligible taxpayer to an unrelated third person to obtain a Phase I environmental site assessment of the property, and any amount so paid or incurred after the date of the certification described in subpara graph (C)(i) for goods and services necessary to obtain a certification described in subparagraph (D)(i) with respect to such property, including expenditures— ‘‘(I) to manage, remove, control, contain, abate, or otherwise remediate a hazardous substance, pollutant, or contaminant on the property, ‘‘(II) to obtain a Phase II environmental site assessment of the property, including any expendi ture to monitor, sample, study, assess, or otherwise evaluate the release, threat of release, or presence of a hazardous substance, pollutant, or contami nant on the property, ‘‘(III) to obtain environmental regulatory cer tifications and approvals required to manage the remediation and monitoring of the hazardous sub stance, pollutant, or contaminant on the property, and ‘‘(IV) regardless of whether it is necessary to obtain a certification described in subparagraph (D)(i)(II), to obtain remediation cost cap or stop loss coverage, re opener or regulatory action cov erage, or similar coverage under environmental insurance policies, or financial guarantees required to manage such remediation and monitoring. ‘‘(ii) EXCEPTIONS.—Such term shall not include— ‘‘(I) any portion of the purchase price paid or incurred by the eligible taxpayer to acquire the qualifying brownfield property, ‘‘(II) environmental insurance costs paid or incurred to obtain legal defense coverage, owner/ operator liability coverage, lender liability cov erage, professional liability coverage, or similar types of coverage, ‘‘(III) any amount paid or incurred to the extent such amount is reimbursed, funded, or otherwise subsidized by grants provided by the United States, a State, or a political subdivision of a State for use in connection with the property, proceeds of an issue of State or local government obligations used to provide financing for the prop erty the interest of which is exempt from tax under section 103, or subsidized financing provided (directly or indirectly) under a Federal, State, or local program provided in connection with the property, or ‘‘(IV) any expenditure paid or incurred before the date of the enactment of this paragraph.