Section 1 Short title
This Act may be cited as the “Big Oil Bailout Prevention Trust Fund Act of 2018”.
Big Oil Bailout Prevention Trust Fund Act of 2018
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.
Sec. 2 Oil Spill Liability Trust Fund
Limitations on expenditures and authority To borrow— Section 9509 of the Internal Revenue Code of 1986 is amended—
in subsection (c)—
by striking paragraph (2);
by striking “Expenditures” and all that follows through “Amounts in” and inserting “Expenditures.—Amounts in”; and
by redesignating subparagraphs (A) through (F) as paragraphs (1) through (6), respectively, and indenting appropriately;
in subsection (d)—
by striking paragraph (2);
by redesignating paragraph (3) as paragraph (2); and
in paragraph (2), as so redesignated—
by striking subparagraph (B); and
by redesignating subparagraph (C) as subparagraph (B); and
in subsection (e)(3)—
by striking “(or is unable by reason of subsection (c)(2))”; and
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.