II 110th CONGRESS 2d Session S. 3544 IN THE SENATE OF THE UNITED STATES September 23 (legislative day, September 17), 2008 Mrs. Clinton (for herself, Mrs. Boxer, Mr. Lautenberg, Mr. Cardin, Mr. Obama, Mr. Biden, Mr. Nelson of Florida, Mr. Wyden, and Mr. Dodd) 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 the financing of the Superfund.
1.
Short title
This Act may be cited as the Superfund Polluter Pays Act.
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, 2017. . (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, 2017. . (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.