Section 1 Short title
This Act may be cited as the “Superfund Polluter Pays Act”.
Superfund Polluter Pays Act
A BILL
To amend the Internal Revenue Code of 1986 to extend the financing of the Superfund.
Sec. 2 Extension of Superfund taxes
Excise taxes— Section 4611(e) of the Internal Revenue Code of 1986 is amended to read as follows:
“(e) Application of hazardous substance superfund financing rate—The Hazardous Substance Superfund financing rate under this section shall apply after December 31, 1986, and before January 1, 1996, and after the date of the enactment of this subsection and before January 1, 2019.”
Corporate environmental income tax— Section 59A(e) of the Internal Revenue Code of 1986 is amended to read as follows:
“(e) Application of tax—The tax imposed by this section shall apply to taxable years beginning after December 31, 1986, and before January 1, 1996, and to taxable years beginning after the date of the enactment of this subsection and before January 1, 2019.”
Technical amendments—
Section 4611(b) of the Internal Revenue Code of 1986 is amended—
by striking “or exported from” in paragraph (1)(A),
by striking “or exportation” in paragraph (1)(B), and
by striking “and exportation” in the heading.
Section 4611(d)(3) of such Code is amended—
by striking “or exporting the crude oil, as the case may be” in the text and inserting “the crude oil”, and
by striking “or exports” in the heading.
Effective dates—
Excise taxes— The amendments made by subsections (a) and (c) shall take effect on the date of the enactment of this Act.
Income tax— The amendment made by subsection (b) shall apply to taxable years beginning after the date of the enactment of this Act.