[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 461 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                 S. 461

 To amend the Internal Revenue Code of 1986 to extend financing of the 
                               Superfund.


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                   IN THE SENATE OF THE UNITED STATES

                             March 2, 2011

  Mr. Lautenberg (for himself, Mrs. Boxer, Mr. Menendez, Mrs. Murray, 
Mrs. Feinstein, Mr. Whitehouse, Mr. Cardin, and Mr. Merkley) 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 extend financing of the 
                               Superfund.

    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 ``Polluter Pays Restoration Act''.

SEC. 2. EXTENSION OF SUPERFUND TAXES.

    (a) Excise Taxes.--Section 4611(e) of the Internal Revenue Code of 
1986 is amended to read as follows:
    ``(e) Application of Hazardous Substance Superfund Financing 
Rate.--The Hazardous Substance Superfund financing rate under this 
section shall apply after December 31, 1986, and before January 1, 
1996, and after the date of the enactment of the Polluter Pays 
Restoration Act and before January 1, 2021.''.
    (b) Corporate Environmental Income Tax.--Section 59A(e) of the 
Internal Revenue Code of 1986 is amended to read as follows:
    ``(e) Application of Tax.--The tax imposed by this section shall 
apply to taxable years beginning after December 31, 1986, and before 
January 1, 1996, and to taxable years beginning after the date of the 
enactment of the Polluter Pays Restoration Act and before January 1, 
2021.''.
    (c) Effective Dates.--
            (1) Excise taxes.--The amendments made by subsection (a) 
        shall take effect on the date of the enactment of this Act.
            (2) Income tax.--The amendment made by subsection (b) shall 
        apply to taxable years beginning after the date of the 
        enactment of this Act.
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