II 111th CONGRESS 2d Session S. 3309 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.

1.

Short title

This Act may be cited as the Oil Spill Liability Trust Fund Improvement Act of 2010.

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.