[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 3306 Introduced in Senate (IS)]

111th CONGRESS
  2d Session
                                S. 3306

To amend the Internal Revenue Code of 1986 to require oil polluters to 
        pay the full cost of oil spills, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 4, 2010

 Mr. Menendez (for himself, Mr. Nelson of Florida, Mr. Lautenberg, Mr. 
 Cardin, Mr. Schumer, Mr. Whitehouse, and Mr. Sanders) 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 require oil polluters to 
        pay the full cost of oil spills, and for other purposes.

    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 ``Big Oil Bailout Prevention Trust 
Fund Act of 2010''.

SEC. 2. OIL SPILL LIABILITY TRUST FUND.

    (a) Limitations on Expenditures.--Section 9509(c) of the Internal 
Revenue Code of 1986 (relating to expenditures from the Oil Spill 
Liability Trust Fund) is amended--
            (1) by striking paragraph (2);
            (2) by striking ``Expenditures'' and all that follows 
        through ``Amounts in'' and inserting ``Expenditures.--Amounts 
        in''; and
            (3) by redesignating subparagraphs (A) through (F) as 
        paragraphs (1) through (6), respectively, and indenting 
        appropriately.
    (b) Authority To Borrow.--Section 9509(d) of the Internal Revenue 
Code of 1986 (relating to authority to borrow for the Oil Spill 
Liability Trust Fund) is amended--
            (1) by striking paragraph (2);
            (2) by redesignating paragraph (3) as paragraph (2); and
            (3) in paragraph (2) (as so redesignated)--
                    (A) by striking subparagraph (B); and
                    (B) by redesignating subparagraph (C) as 
                subparagraph (B).

SEC. 3. ADVANCE PAYMENTS.

    Section 1012 of the Oil Pollution Act of 1990 (33 U.S.C. 2712) is 
amended by adding at the end the following:
    ``(l) Advance Payments.--The President shall promulgate regulations 
that allow advance payments to be made from the Fund to States and 
political subdivisions of States for actions taken to prepare for and 
mitigate substantial threats from the discharge of oil.''.

SEC. 4. BUDGETARY EFFECTS.

    The budgetary effects of this Act, for the purpose of complying 
with the Statutory Pay-As-You-Go-Act of 2010, shall be determined by 
reference to the latest statement titled ``Budgetary Effects of PAYGO 
Legislation'' for this Act, submitted for printing in the Congressional 
Record by the Chairman of the Senate Budget Committee, provided that 
such statement has been submitted prior to the vote on passage.

SEC. 5. EFFECTIVE DATE.

    This Act and the amendments made by this Act take effect on April 
15, 2010.
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