To amend the Internal Revenue Code of 1986 to deny any deduction for certain oil and hazardous substance cleanup costs.

Summary

Amends the Internal Revenue Code to disallow a deduction for certain costs incurred in connection with any oil discharge or hazardous substance release. Provides an exception to such rule for any taxpayer who has a complete liability defense or qualifies for a liability limitation with respect to such discharge or release. Provides a limitation on the use of the net operating loss deduction to offset deductions disallowed by this Act.

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Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 21 March 1991

  Open at official source

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