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This bill amends the Internal Revenue Code to establish a tax incentive program for capital gains invested in brownfield and Superfund sites. Investors who reinvest capital gains into qualified distressed opportunity funds focused on these contaminated sites can defer taxation on those gains, with the deferral period extending until 2032 or when the investment is sold. The bill provides additional tax basis increases for investments held at least 5, 7, or 10 years, with a full step-up in basis for investments held 10 years or longer.
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