Claim for Environmental Remediation Insurance Credit Tax Law - Sections 23 and 606(ff ) New York Sta: Fill out & sign online

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Are environmental remediation costs deductible?

ing to basic accounting information, in most cases, environmental remediation costs can be deducted as ordinary and reasonable business expenses. However, not all of these remediation costs are expensed. In some cases, environmental cleanup costs are capitalized and then depreciated over a number of years.

What is the 198 deduction?

A taxpayer may elect to treat any qualified environmental remediation expenditure which is paid or incurred by the taxpayer as an expense which is not chargeable to capital account. Any expenditure which is so treated shall be allowed as a deduction for the taxable year in which it is paid or incurred. 26 U.S. Code 198 - Expensing of environmental remediation LII / Legal Information Institute PART VI LII / Legal Information Institute PART VI

What is Section 198 of the Internal Revenue Code?

. 02 Section 198(b)(1) generally defines a qualified environmental remediation expenditure as any expenditure that is otherwise chargeable to the capital account, and that is paid or incurred in connection with the abatement or control of hazardous substances as a qualified contaminated site.