[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 1222 Introduced in Senate (IS)]

  1st Session
                                S. 1222

 To amend the Internal Revenue Code of 1986 to reinstate the Oil Spill 
Liability Trust Fund tax and to maintain a balance of $3 billion in the 
                    Oil Spill Liability Trust Fund.


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                   IN THE SENATE OF THE UNITED STATES

                              June 9, 2005

Mr. Stevens (for himself, Mr. Inouye, and Ms. Cantwell) 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 reinstate the Oil Spill 
Liability Trust Fund tax and to maintain a balance of $3 billion in the 
                    Oil Spill Liability Trust Fund.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Oil Spill Liability Trust Fund 
Maintenance Act''.

SEC. 2. OIL SPILL LIABILITY TRUST FUND FINANCING RATE.

    Section 4611(f) of the Internal Revenue Code of 1986 (relating to 
application of oil spill liability trust fund financing rate) is 
amended to read as follows:
    ``(f) Application of Oil Spill Liability Trust Fund Financing 
Rate.--
            ``(1) In general.--Except as provided in paragraph (2), the 
        Oil Spill Liability Trust Fund financing rate under subsection 
        (c) shall apply after the last day of the first calendar 
        quarter ending more than 30 days after--
                    ``(A) the date of enactment of the Oil Spill 
                Liability Trust Fund Maintenance Act; or
                    ``(B) if later, the last day of any calendar 
                quarter for which the Secretary estimates that, as of 
                the close of that quarter, the unobligated balance in 
                the Oil Spill Liability Trust Fund is less than 
                $2,000,000,000.
            ``(2) Fund balance.--The Oil Spill Liability Trust Fund 
        financing rate shall not apply during a calendar quarter if the 
        Secretary estimates that, as of the close of the preceding 
        calendar quarter, the unobligated balance in the Oil Spill 
        Liability Trust Fund exceeds $3,000,000,000.''.
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