[Congressional Record Volume 142, Number 69 (Thursday, May 16, 1996)]
[Senate]
[Page S5203]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             THE CONGRESSIONAL BUDGET CONCURRENT RESOLUTION

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                  WYDEN (AND KERRY) AMENDMENT NO. 3984

  Mr. WYDEN (for himself and Mr. Kerry) proposed an amendment to the 
concurrent resolution (S. Con. Res. 57) supra; as follows:

       At the appropriate place, insert the following new section:

     SEC.   . SENSE OF THE SENATE REGARDING REVENUE ASSUMPTIONS.

       (a) Findings.--The Congress finds the following:
       (1) Corporations and individuals have clear responsibility 
     to adhere to environmental laws. When they do not, and 
     environmental damage results, the Federal and State 
     governments my impose fines and penalties, and assess 
     polluters for the cost of remediation.
       (2) Assessment of these costs is important in the 
     enforcement process. They appropriately penalize wrongdoing. 
     They discourage future environmental damage. They ensure that 
     taxpayers do not bear the financial brunt of cleaning up 
     after damages done by polluters.
       (3) In the case of the Exxon Valdez oil spill disaster in 
     Prince William Sound, Alaska, for example, the corporate 
     settlement with the Federal Government totaled $900 million.
       (4) The Tax Code, however, currently allows polluters to 
     fully deduct all expenses, including penalties and fines 
     associated with these settlements. In the case of the Exxon 
     Valdez disaster, deductibility on that settlement at the 
     current corporate tax rate will result in $300 million in 
     losses to Federal tax collections . . . losses which will 
     have to be made up through increased collections from 
     taxation of average American families.
       (5) Additionally, these losses also will make it more 
     difficult to move aggressively and successfully toward a 
     balanced Federal budget.
       (b) Sense of the Senate.--It is the sense of the Senate 
     that--assumptions in this resolution assume that revenues 
     will be increased by a minimum of $100 million per year 
     through legislation that will not allow deductions for fines, 
     penalties and damages arising from a failure to comply with 
     Federal or State environmental or health protection laws.

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