[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 3163 Introduced in Senate (IS)]

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114th CONGRESS
  2d Session
                                S. 3163

To amend the Internal Revenue Code of 1986 to require oil polluters to 
        pay the full cost of oil spills, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 12, 2016

   Mr. Menendez (for himself, Mr. Markey, Mr. Reed, Mr. Durbin, Ms. 
  Mikulski, Mr. Franken, Mr. Merkley, Mr. Whitehouse, Mr. Nelson, Mr. 
 Peters, and Mr. Booker) 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 require oil polluters to 
        pay the full cost of oil spills, and for other purposes.

    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 ``Big Oil Bailout Prevention Trust 
Fund Act of 2016''.

SEC. 2. OIL SPILL LIABILITY TRUST FUND.

    (a) Limitations on Expenditures and Authority To Borrow.--Section 
9509 of the Internal Revenue Code of 1986 is amended--
            (1) in subsection (c)--
                    (A) by striking paragraph (2);
                    (B) by striking ``Expenditures'' and all that 
                follows through ``Amounts in'' and inserting 
                ``Expenditures.--Amounts in''; and
                    (C) by redesignating subparagraphs (A) through (F) 
                as paragraphs (1) through (6), respectively, and 
                indenting appropriately;
            (2) in subsection (d)--
                    (A) by striking paragraph (2);
                    (B) by redesignating paragraph (3) as paragraph 
                (2); and
                    (C) in paragraph (2) (as so redesignated)--
                            (i) by striking subparagraph (B); and
                            (ii) by redesignating subparagraph (C) as 
                        subparagraph (B); and
            (3) in subsection (e)--
                    (A) by striking ``(or is unable by reason of 
                subsection (c)(2))''; and
                    (B) by striking ``and such subsection''.

SEC. 3. ADVANCE PAYMENTS.

    Section 1012 of the Oil Pollution Act of 1990 (33 U.S.C. 2712) is 
amended by adding at the end the following:
    ``(m) Advance Payments.--The President shall promulgate regulations 
that allow advance payments to be made from the Fund to States and 
political subdivisions of States for actions taken to prepare for and 
mitigate substantial threats from the discharge of oil.''.

SEC. 4. BUDGETARY EFFECTS.

    The budgetary effects of this Act, for the purpose of complying 
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by 
reference to the latest statement titled ``Budgetary Effects of PAYGO 
Legislation'' for this Act, submitted for printing in the Congressional 
Record by the Chairman of the Senate Budget Committee, provided that 
such statement has been submitted prior to the vote on passage.
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