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H.R. 1634 (112th): Superfund Polluter Pays Act

The text of the bill below is as of Apr 15, 2011 (Introduced).


I

112th CONGRESS

1st Session

H. R. 1634

IN THE HOUSE OF REPRESENTATIVES

April 15, 2011

(for himself and Mr. Blumenauer) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to extend the financing of the Superfund.

1.

Short title

This Act may be cited as the Superfund Polluter Pays Act.

2.

Extension of Superfund taxes

(a)

Excise taxes

Section 4611(e) of the Internal Revenue Code of 1986 is amended to read as follows:

(e)

Application of hazardous substance superfund financing rate

The Hazardous Substance Superfund financing rate under this section shall apply after December 31, 1986, and before January 1, 1996, and after the date of the enactment of this subsection and before January 1, 2019.

.

(b)

Corporate environmental income tax

Section 59A(e) of the Internal Revenue Code of 1986 is amended to read as follows:

(e)

Application of tax

The tax imposed by this section shall apply to taxable years beginning after December 31, 1986, and before January 1, 1996, and to taxable years beginning after the date of the enactment of this subsection and before January 1, 2019.

.

(c)

Technical amendments

(1)

Section 4611(b) of the Internal Revenue Code of 1986 is amended—

(A)

by striking or exported from in paragraph (1)(A),

(B)

by striking or exportation in paragraph (1)(B), and

(C)

by striking and exportation in the heading.

(2)

Section 4611(d)(3) of such Code is amended—

(A)

by striking or exporting the crude oil, as the case may be in the text and inserting the crude oil, and

(B)

by striking or exports in the heading.

(d)

Effective dates

(1)

Excise taxes

The amendments made by subsections (a) and (c) shall take effect on the date of the enactment of this Act.

(2)

Income tax

The amendment made by subsection (b) shall apply to taxable years beginning after the date of the enactment of this Act.