1. Short title
This Act may be cited as the “Superfund Polluter Pays Restoration Act of 2021”.
Superfund Polluter Pays Restoration Act of 2021
A BILL
To amend the Internal Revenue Code of 1986 to reinstate the financing for the Hazardous Substance Superfund, and for other purposes.
2. Extension and modification of Superfund excise taxes
Extension— Subsection (e) of section 4611 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 that is 60 days after the date of the enactment of the Superfund Polluter Pays Restoration Act of 2021.”
Modification of Hazardous Substance Superfund financing rate—
In general— Section 4611(c)(2)(A) of such Code is amended by striking “9.7 cents” and inserting “17.2 cents”.
Inflation adjustment— Section 4611(c) of such Code is amended by adding at the end the following new paragraph:
“(3) Adjustment for inflation
“(A) In general—In the case of any taxable year beginning after December 31, 2021, the amount under paragraph (2)(A) shall be increased by an amount equal to—
“(i) such amount, multiplied by
“(ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which such taxable year begins by substituting “calendar year 2020” for “calendar year 2016” in subparagraph (A)(ii) thereof.
“(B) Rounding—If any increase determined under this paragraph is not a multiple of 0.1 cents, such increase shall be rounded to the next lowest multiple of 0.1 cents.”
Modification of rate of tax on certain chemicals— Section 4661(b) of the Internal Revenue Code of 1986 is amended to read as follows:
“(b) Amount of tax
“(1) In general—The amount of tax imposed by subsection (a) shall be determined in accordance with the following table:
“(2) Adjustment for inflation
“(A) In general—In the case of any taxable year beginning after December 31, 2021, each of the dollar amounts in the table in paragraph (1) shall be increased by an amount equal to—
“(i) such amount, multiplied by
“(ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which such taxable year begins by substituting “calendar year 202020” for “calendar year 2016” in subparagraph (A)(ii) thereof.
“(B) Rounding—If any increase determined under this paragraph is not a multiple of $0.01, such increase shall be rounded to the next lowest multiple of $0.01.”
Effective date— The amendments made by this section shall apply to oil and petroleum products received or entered during calendar quarters beginning more than 60 days after the date of the enactment of this Act.
3. Clarification of definition of crude oil for excise tax purposes
Definition of crude oil— Paragraph (1) of section 4612(a) of the Internal Revenue Code of 1986 is amended to read as follows:
“(1) Crude oil—The term crude oil includes crude oil condensates, natural gasoline, any bitumen or bituminous mixture, any oil derived from a bitumen or bituminous mixture (including oil derived from tar sands), and any oil derived from kerogen-bearing sources (including oil derived from oil shale).”
Effective date— The amendment made by this section shall apply to oil and petroleum products received or entered during calendar quarters beginning more than 60 days after the date of the enactment of this Act.
4. Use of Hazardous Substance Superfund for cleanup
Availability of amounts— Section 111 of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (42 U.S.C. 9611) is amended—
in subsection (a) by striking “For the purposes specified” and all that follows through “for the following purposes:” and inserting the following: “The amount in the Hazardous Substance Superfund established under section 9507 of the Internal Revenue Code of 1986 shall be available, without further appropriation, to be used for the purposes specified in this section. The President shall use such amount for the following purposes:”; and
in subsection (c)—
by striking “Subject to such amounts as are provided in appropriations Acts, the” each place it appears and inserting “The”; and
in paragraph (12) by striking “to the extent that such costs” and all that follows through “and 1994”.
Amendment to the Internal Revenue Code— Section 9507 of the Internal Revenue Code of 1986 is amended—
in subsection (c)(1)—
by striking “, as provided in appropriations Acts,”; and
by striking “the Superfund Amendments and Reauthorization Act of 1986” in subparagraph (A)(i) thereof and inserting “the Superfund Polluter Pays Restoration Act of 2021”; and
in subsection (d)(3), by striking subparagraph (B) and redesignating subparagraph (C) as subparagraph (B).