[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 904 Introduced in Senate (IS)]







106th CONGRESS
  1st Session
                                 S. 904

   To provide that certain costs of private foundations in removing 
   hazardous substances shall be treated as qualifying distributions.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 28, 1999

 Mr. Bunning (for himself and Mr. McConnell) introduced the following 
  bill; which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
   To provide that certain costs of private foundations in removing 
   hazardous substances shall be treated as qualifying distributions.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. CERTAIN COSTS OF PRIVATE FOUNDATION IN REMOVING HAZARDOUS 
              SUBSTANCES TREATED AS QUALIFYING DISTRIBUTION.

    (a) In General.--In the case of any taxable year beginning after 
December 31, 1999, the distributable amount of a private foundation for 
such taxable year for purposes of section 4942 of the Internal Revenue 
Code of 1986 shall be reduced (but not below zero) by any amount paid 
or incurred (or set aside) by such private foundation for the 
investigatory costs and direct costs of removal or taking remedial 
action with respect to a hazardous substance released at a facility 
which was owned or operated by such private foundation.
    (b) Limitations.--Subsection (a) shall only apply to costs--
            (1) incurred with respect to hazardous substances disposed 
        of at a facility owned or operated by the private foundation 
        but only if--
                    (A) such facility was transferred to such 
                foundation by bequest before December 11, 1980, and
                    (B) the active operation of such facility by such 
                foundation was terminated before December 12, 1980, and
            (2) which were not incurred pursuant to a pending order 
        issued to the private foundation unilaterally by the President 
        or the President's assignee under section 106 of the 
        Comprehensive Environmental Response, Compensation, and 
        Liability Act of 1980 (42 U.S.C. 9606), or pursuant to a 
        nonconsensual judgment against the private foundation issued in 
        a governmental cost recovery action under section 107 of such 
        Act (42 U.S.C. 9607).
    (c) Hazardous Substance.--For purposes of this section, the term 
``hazardous substance'' has the meaning given such term by section 
101(14) of the Comprehensive Environmental Response, Compensation, and 
Liability Act of 1980 (42 U.S.C. 9601(14)).
                                 <all>