[Congressional Record Volume 143, Number 4 (Tuesday, January 21, 1997)]
[Senate]
[Page S569]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




[[Page S569]]



                          AMENDMENTS SUBMITTED

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             THE SUPERFUND CLEANUP ACCELERATION ACT OF 1997

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                   SMITH (AND OTHERS) AMENDMENT NO. 1

  (Ordered referred to the Committee on Environment and Public Works)
  Mr. SMITH of New Hampshire (for himself, Mr. Chafee, and Mr. Lott) 
submitted an amendment intended to be proposed by them to the bill (S. 
8) to reauthorize and amend the Comprehensive Environmental Response, 
Liability, and Compensation Act of 1980, and for other purposes; as 
follows:

       At the end of title IX, add the following:

      Subtitle B--Amendments to the Internal Revenue Code of 1986

     SEC. 911. EXTENSION OF HAZARDOUS SUBSTANCE SUPERFUND.

       (a) Extension of Taxes.--
       (1) Excise taxes.--Section 4611(e)(1) of the Internal 
     Revenue Code of 1986 is amended by inserting ``, on and after 
     the 10th day after the date of the enactment of the Superfund 
     Cleanup Acceleration Act of 1997, and before January 1, 
     2003'' after ``January 1, 1996''.
       (2) Income tax.--Section 59A(e)(1) of such Code is amended 
     by inserting ``, and to taxable years beginning after 
     December 31, 1996, and before January 1, 2003'' after 
     ``January 1, 1996''.
       (3) Conforming amendments.--Paragraph (2) of section 
     4611(e) of such Code is amended--
       (A) by striking ``1993'' and inserting ``2000'';
       (B) by striking ``1994'' each place it appears and 
     inserting ``2001''; and
       (C) by striking ``1995'' each place it appears and 
     inserting ``2002''.
       (b) Increase in Aggregate Tax Which May Be Collected.--
     Paragraph (3) of section 4611(e) of such Code is amended--
       (1) by striking ``$11,970,000,000'' each place it appears 
     and inserting ``$22,000,000,000'',
       (2) by striking ``December 31, 1995'' in subparagraph (A) 
     and inserting ``December 31, 2000'', and
       (3) by striking ``January 1, 1996'' inserting ``January 1, 
     2003''.
       (c) Extension of Superfund Borrowing.--Subparagraph (B) of 
     section 9507(d)(3) of such Code is amended by striking 
     ``December 31, 1995'' and inserting ``December 31, 2002''.
       (d) Extension of Trust Fund Purposes.--Subparagraph (A) of 
     section 9507(c)(1) of such Code is amended--
       (1) by striking clause (i) and inserting the following:
       ``(i) paragraphs (1), (2), (5), (6), (7), and (8) of 
     section 111(a) of CERCLA as in effect on the date of the 
     enactment of the Superfund Cleanup Acceleration Act of 
     1997,''; and
       (2) by striking clause (iii) and inserting the following:
       ``(iii) subsections (m), (n), (q), (r), (s), (t), and (u) 
     of section 111 of CERCLA (as so in effect), or''.
       (e) Extension of Authorization of Appropriations to Trust 
     Fund.--Subsection (b) of section 517 of the Superfund Revenue 
     Act of 1986 (26 U.S.C. 9507 note) is amended by striking 
     ``and'' at the end of paragraph (8), by striking the period 
     at the end of paragraph (9) and inserting a comma, and by 
     adding at the end the following new paragraphs:
       ``(10) 1998, $250,000,000,
       ``(11) 1999, $250,000,000,
       ``(12) 2000, $250,000,000,
       ``(13) 2001, $250,000,000, and
       ``(14) 2002, $250,000,000.''
       (f) Coordination With Other Provisions.--Paragraph (2) of 
     section 9507(e) of the Internal Revenue Code of 1986 is 
     amended by striking ``CERCLA'' and all that follows through 
     ``Acts)'' and inserting ``CERCLA, the Superfund Amendments 
     and Reauthorization Act of 1986, and the Superfund Cleanup 
     Acceleration Act of 1997 (or in any amendment made by any of 
     such Acts)''.

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