[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3962 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 3962

 To amend the Internal Revenue Code of 1986 to extend the financing of 
                             the Superfund.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 24, 2007

 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 extend the financing of 
                             the Superfund.

    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 ``Superfund Polluter Pays Act''.

SEC. 2. EXTENSION OF SUPERFUND TAXES.

    (a) Excise 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 subsection and before 
January 1, 2016.''.
    (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 the date of the 
enactment of this subsection and before January 1, 2016.''.
    (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 the date of the 
        enactment of this Act.
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