[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 599 Introduced in Senate (IS)]

113th CONGRESS
  1st Session
                                 S. 599

To amend the Internal Revenue Code of 1986 to disallow a deduction for 
amounts paid or incurred by a responsible party relating to a discharge 
                                of oil.


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                   IN THE SENATE OF THE UNITED STATES

                             March 18, 2013

 Mr. Nelson (for himself and Mrs. Feinstein) 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 disallow a deduction for 
amounts paid or incurred by a responsible party relating to a discharge 
                                of oil.

    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 Tax Fairness Act''.

SEC. 2. DENIAL OF DEDUCTION FOR AMOUNTS PAID OR INCURRED BY A 
              RESPONSIBLE PARTY.

    (a) In General.--Section 162 of the Internal Revenue Code of 1986 
is amended by redesignating subsection (q) as subsection (r) and by 
inserting after subsection (p) the following new subsection:
    ``(q) Certain Expenses of a Responsible Party.--
            ``(1) In general.--No deduction shall be allowed under 
        subsection (a) for any amount paid or incurred by a responsible 
        party relating to any incident resulting in the discharge of 
        oil into the navigable waters, other than an incident caused by 
        an act of God or an act of war.
            ``(2) Definitions.--Any term used in paragraph (1) which is 
        also used in the Oil Pollution Act of 1990 shall have the 
        meaning given such term by such Act.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to returns of tax the due date of which (including extensions of time) 
is after the date of the enactment of this Act.
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