II 111th CONGRESS 2d Session S. 3306 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.

1.

Short title

This Act may be cited as the Big Oil Bailout Prevention Trust Fund Act of 2010.

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).

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. .

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.

5.

Effective date

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