[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 1942 Introduced in Senate (IS)]

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118th CONGRESS
  1st Session
                                S. 1942

 To amend the Internal Revenue Code of 1986 to terminate the Hazardous 
                  Substance Superfund financing rate.


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                   IN THE SENATE OF THE UNITED STATES

                             June 13, 2023

 Mr. Barrasso (for himself, Ms. Lummis, Mrs. Blackburn, Mr. Lankford, 
 Mr. Risch, Mr. Lee, Mr. Scott of South Carolina, Mr. Hoeven, and Mr. 
Thune) introduced the following bill; which was read twice and referred 
                      to the Committee on Finance

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                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to terminate the Hazardous 
                  Substance Superfund financing rate.

    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 ``Pay Less at the Pump Act''.

SEC. 2. TERMINATION OF HAZARDOUS SUBSTANCE SUPERFUND FINANCING RATE.

    (a) In General.--Section 4611 of the Internal Revenue Code of 1986 
(as amended by section 13601 of Public Law 117-169) is amended by 
inserting after subsection (d) the following new subsection:
    ``(e) Application of Hazardous Substance Superfund Financing 
Rate.--The Hazardous Substance Superfund financing rate under this 
section shall not apply after December 31, 2022.''.
    (b) Termination of Authority for Advances.--Section 9507(d)(3)(B) 
of such Code (as so amended) is amended--
            (1) by striking ``December 31, 2032'' and inserting ``the 
        date of the enactment of the Pay Less at the Pump Act'', and
            (2) by striking ``on or before such date'' and inserting 
        ``on a quarterly basis from unobligated amounts available in 
        such Fund until repaid in full''.
    (c) Effective Date.--
            (1) In general.--The amendment made by subsection (a) shall 
        take effect on January 1, 2023.
            (2) Termination of authority for advances.--The amendments 
        made by subsection (b) shall take effect on the date of the 
        enactment of this Act.
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