[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 2944 Introduced in Senate (IS)]







107th CONGRESS
  2d Session
                                S. 2944

  To amend the Internal Revenue Code of 1986 to extend Superfund, oil 
      spill liability, and leaking underground storage tank taxes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 17, 2002

  Mr. Baucus 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 extend Superfund, oil 
      spill liability, and leaking underground storage tank taxes.

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

SECTION 1. EXTENSION OF SUPERFUND, OIL SPILL LIABILITY, AND LEAKING 
              UNDERGROUND STORAGE TANK TAXES.

    (a) Excise Taxes.--
            (1) Superfund 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 December 31, 2002, and before October 1, 2012.''
            (2) Oil spill liability tax.--Section 4611(f) of such Code 
        is amended--
                    (A) by inserting ``, and after December 31, 2002, 
                and before October 1, 2012'' after ``1995'' in 
                paragraph (1), and
                    (B) by striking ``$1,000,000,000'' both places it 
                appears in paragraph (2) and inserting 
                ``$5,000,000,000''.
            (3) Leaking underground storage tank rate.--Section 
        4081(d)(3) of such Code is amended by striking ``April 1, 
        2005'' and inserting ``October 1, 2012.''
    (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 December 31, 
2002, and before January 1, 2012.''
    (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 December 31, 2002.
                                 <all>