[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 8 Amendment Ordered to be Printed Senate (AS)]

                            Amendment No. 1

                                  S. 8
                                                                   IIIA
AMDT NO 1
AMENDMENT NO. 1
Purpose: To make certain amendments to the Internal Revenue Code of 
        1986 relating to Superfund.

       IN THE SENATE OF THE UNITED STATES--105th Cong., 1st Sess.

                                  S. 8

  To reauthorize and amend the Comprehensive Environmental Response, 
    Compensation, and Liability Act of 1980, and for other purposes.

                            January 21, 1997

 Referred to the Committee on Environment and Public Works and ordered 
                             to be printed

Amendment intended to be proposed by Mr. Smith of New Hampshire (for 
        himself, Mr. Chafee, and Mr. Lott).
Viz:
    At the end of title IX, add the following:

      Subtitle B--Amendments to the Internal Revenue Code of 1986

SEC. 911. EXTENSION OF HAZARDOUS SUBSTANCE SUPERFUND.

    (a) Extension of Taxes.--
            (1) Excise taxes.--Section 4611(e)(1) of the Internal 
        Revenue Code of 1986 is amended by inserting ``, on and after 
        the 10th day after the date of the enactment of the Superfund 
        Cleanup Acceleration Act of 1997, and before January 1, 2003'' 
        after ``January 1, 1996''.
            (2) Income tax.--Section 59A(e)(1) of such Code is amended 
        by inserting ``, and to taxable years beginning after December 
        31, 1996, and before January 1, 2003'' after ``January 1, 
        1996''.
            (3) Conforming amendments.--Paragraph (2) of section 
        4611(e) of such Code is amended--
                    (A) by striking ``1993'' and inserting ``2000'';
                    (B) by striking ``1994'' each place it appears and 
                inserting ``2001''; and
                    (C) by striking ``1995'' each place it appears and 
                inserting ``2002''.
    (b) Increase in Aggregate Tax Which May Be Collected.--Paragraph 
(3) of section 4611(e) of such Code is amended--
            (1) by striking ``$11,970,000,000'' each place it appears 
        and inserting ``$22,000,000,000'',
            (2) by striking ``December 31, 1995'' in subparagraph (A) 
        and inserting ``December 31, 2000'', and
            (3) by striking ``January 1, 1996'' inserting ``January 1, 
        2003''.
    (c) Extension of Superfund Borrowing.--Subparagraph (B) of section 
9507(d)(3) of such Code is amended by striking ``December 31, 1995'' 
and inserting ``December 31, 2002''.
    (d) Extension of Trust Fund Purposes.--Subparagraph (A) of section 
9507(c)(1) of such Code is amended--
            (1) by striking clause (i) and inserting the following:
                            ``(i) paragraphs (1), (2), (5), (6), (7), 
                        and (8) of section 111(a) of CERCLA as in 
                        effect on the date of the enactment of the 
                        Superfund Cleanup Acceleration Act of 1997,''; 
                        and
            (2) by striking clause (iii) and inserting the following:
                            ``(iii) subsections (m), (n), (q), (r), 
                        (s), (t), and (u) of section 111 of CERCLA (as 
                        so in effect), or''.
    (e) Extension of Authorization of Appropriations to Trust Fund.--
Subsection (b) of section 517 of the Superfund Revenue Act of 1986 (26 
U.S.C. 9507 note) is amended by striking ``and'' at the end of 
paragraph (8), by striking the period at the end of paragraph (9) and 
inserting a comma, and by adding at the end the following new 
paragraphs:
            ``(10) 1998, $250,000,000,
            ``(11) 1999, $250,000,000,
            ``(12) 2000, $250,000,000,
            ``(13) 2001, $250,000,000, and
            ``(14) 2002, $250,000,000.''
    (f) Coordination With Other Provisions.--Paragraph (2) of section 
9507(e) of the Internal Revenue Code of 1986 is amended by striking 
``CERCLA'' and all that follows through ``Acts)'' and inserting 
``CERCLA, the Superfund Amendments and Reauthorization Act of 1986, and 
the Superfund Cleanup Acceleration Act of 1997 (or in any amendment 
made by any of such Acts)''.