Brownfields Tax Expensing and New Markets Pass House in Extender’s Bill.

HR 4213, the “tax extenders” bill, passed the House earlier this month.  The bill included a one-year extension of the brownfields tax expensing program.  According to the Joint Committee on Taxation (JCT), this provision would reduce revenues by $159 million over ten years.   The bill also extends the new market tax credit for one year.  The credit is provided to businesses that make qualifying investments in community development entities.  According the JCT, this provision would reduce revenues by $1.4 billion over ten years.