113 S599 IS: Oil Spill Tax Fairness Act U.S. Senate 2013-03-18 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II 113th CONGRESS 1st Session S. 599 IN THE SENATE OF THE UNITED STATES March 18, 2013 Mr. Nelson (for himself and Mrs. Feinstein) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL 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.

1.

Short title

This Act may be cited as the Oil Spill Tax Fairness Act.

2.

Denial of deduction for amounts paid or incurred by a responsible party

(a)

In general

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: (q)

Certain expenses of a responsible party

(1)

In general

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. (2)

Definitions

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. . (b)

Effective date

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.