H. R. 480
IN THE HOUSE OF REPRESENTATIVES
February 4, 2013
Mr. Hastings of Florida introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to disallow a deduction for amounts paid or incurred by a responsible party relating to a discharge of oil.
Denial of deduction for amounts paid or incurred by a responsible party
Section 162 of the Internal Revenue Code of 1986 is amended by redesignating subsection (q) as subsection (r) and by inserting after subsection (p) the following new subsection:
Certain expenses of a responsible party
No deduction shall be allowed under subsection (a) for any amount paid or incurred by a responsible party relating to any incident resulting in the discharge of oil into the navigable waters, other than an incident caused by an act of God or an act of war.
Any term used in paragraph (1) which is also used in the Oil Pollution Act of 1990 shall have the meaning given such term by such Act.
The amendment made by this section shall apply to returns of tax the due date of which (including extensions of time) is after the date of the enactment of this Act.