[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5995 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 5995

    To amend the Internal Revenue Code of 1986 to deny the trade or 
    business expense deduction for damages paid pursuant to the Oil 
                         Pollution Act of 1990.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 30, 2010

 Mr. Grijalva 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 deny the trade or 
    business expense deduction for damages paid pursuant to the Oil 
                         Pollution Act of 1990.

    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 ``Closing Oil Spill Tax Loopholes Act 
of 2010''.

SEC. 2. DENIAL OF DEDUCTION FOR PAYMENT OF OIL POLLUTION ACT CLAIMS.

    (a) In General.--Section 162 of the Internal Revenue Code of 1986 
is amended by redesignating subsection (q) as subsection (r) and by 
inserting after subsection (p) the following new subsection:
    ``(q) Payment of Oil Pollution Act Claims.--No deduction shall be 
allowed under subsection (a) for any amount paid for any claim for 
damages (or paid in settlement of such a claim) under the Oil Pollution 
Act of 1990 with respect to any discharge of oil.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to discharges of oil occurring after December 31, 2009.
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