[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 3309 Introduced in Senate (IS)]

111th CONGRESS
  2d Session
                                S. 3309

 To amend the Internal Revenue Code of 1986 to modify the rate of tax 
                for the Oil Spill Liability Trust Fund.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 5, 2010

 Ms. Murkowski 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 modify the rate of tax 
                for the Oil Spill Liability Trust Fund.

    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 ``Oil Spill Liability Trust Fund 
Improvement Act of 2010''.

SEC. 2. RATE OF TAX FOR OIL SPILL LIABILITY TRUST FUND.

    (a) In General.--Section 4611 of the Internal Revenue Code of 1986 
(relating to the imposition of tax) is amended--
            (1) in subsection (c)--
                    (A) in paragraph (2), by striking subparagraph (B) 
                and inserting the following:
                    ``(B) except as provided in paragraph (3), the Oil 
                Spill Liability Trust Fund financing rate is 9 cents a 
                barrel.''; and
                    (B) by adding at the end the following new 
                paragraph:
            ``(3) Temporary suspension of oil spill liability trust 
        fund financing rate.--In the case of any calendar quarter in 
        which the Secretary estimates that, as of the close of the 
        previous quarter, the unobligated balance in the Oil Spill 
        Liability Trust Fund is greater than $10,000,000,000, the Oil 
        Spill Liability Trust Fund financing rate is 0 cents a 
        barrel.''; and
            (2) by striking subsection (f).
    (b) Effective Date.--The amendments made by this section shall 
apply on and after the first day of the first calendar quarter after 
the date of enactment of this Act.
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