[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 610 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 610

   To amend the Internal Revenue Code of 1986 to reinstate the taxes 
 funding the Hazardous Substance Superfund and the Oil Spill Liability 
  Trust Fund and to extend the taxes funding the Leaking Underground 
                        Storage Tank Trust Fund.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 5, 2003

 Mr. Pallone introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to reinstate the taxes 
 funding the Hazardous Substance Superfund and the Oil Spill Liability 
  Trust Fund and to extend the taxes funding the Leaking Underground 
                        Storage Tank Trust Fund.

    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 the date of the enactment of this sentence and before 
October 1, 2008.''.
            (2) Oil spill liability tax.--Section 4611(f) of such Code 
        is amended to read as follows:
    ``(f) Application of Oil Spill Liability Trust Fund Financing 
Rate.--The Oil Spill Liability Trust Fund financing rate under 
subsection (c) shall apply after December 31, 1989, and before January 
1, 1995, and after the date of the enactment of this sentence and 
before October 1, 2008.''.
            (3) Leaking underground storage tank rate.--Section 
        4081(d)(3) of such Code is amended by striking ``April 1, 
        2005'' and inserting ``October 1, 2008''.
    (b) Corporate Environmental Income Tax.--Section 59A(e) of such 
Code 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 the date of the 
enactment of this sentence and before January 1, 2008.''.
    (c) Technical Amendments.--
            (1) Section 4611(b) of such Code 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 the date of the 
        enactment of this Act.
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