II 112th CONGRESS 1st Session S. 461 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.

1.

Short title

This Act may be cited as the Polluter Pays Restoration Act.

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.