To amend the Internal Revenue Code of 1986 to deny the deduction for any removal or liability cost attributable to an oil spill from a vessel in navigable waters.

Summary

Amends the Internal Revenue Code to disallow an income tax deduction for business expenses incurred as removal or liability costs resulting from a spill or other discharge of oil being transported by or for the taxpayer from a vessel onto waters subject to the Clean Water Act. Excludes discharges caused by an act of God, an act of war, negligence on the part of the U.S. Government, or an act or omission of a third party. Applies this deduction denial retroactively with respect to amounts incurred in taxable years 1989 and thereafter.

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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 · 18 April 1989

  Open at official source

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