or for the production of income, or (2) property described in section 1221(a)(1) in the hands of the taxpayer. For purposes of the preceding sentence, amounts paid or incurred shall be taken into account only to the extent that such amount would (but for subsection (a)) be chargeable to capital account. 412. Extension of expensing for environmental remediation costs With respect to any qualified environmental remediation expenditure (as defined in section 198(b)) paid or incurred on or after the applicable disaster date, in connection with a qualified contaminated site located in the Louisiana storm and flood disaster area, section 198 (relating to expensing of environmental remediation costs) shall be applied— (1) in the case of expenditures paid or incurred on or after the applicable disaster date, and before January 1, 2019, by substituting December 31, 2018 for the date contained in section 198(h), and (2) except as provided in section 198(d)(2), by treating petroleum products (as defined in section 4612(a)(3)) as a hazardous substance. 413. Treatment of net operating losses attributable to Louisiana storm and flood disaster area losses (a) In general If a portion of any net operating loss of the taxpayer for any taxable year is a qualified Louisiana storm and flood disaster area loss, the following rules shall apply: (1) Extension of carryback period Section 172(b)(1) of the Internal Revenue Code of 1986 shall be applied with respect to such portion— (A) by substituting 5 taxable years for 2 taxable years in subparagraph (A)(i) thereof, and (B) by not taking such portion into account in determining any eligible loss of the taxpayer under subparagraph (F) thereof for the taxable year. (2) Suspension of 90 percent amt limitation Section 56(d)(1) of such Code shall be applied by increasing the amount determined under subparagraph (A)(ii)(I) thereof by the sum of the carrybacks and carryovers of any net operating loss attributable to such portion. (b) Qualified Louisiana storm and flood disaster area loss (1)