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United States · Bill · HR

H.R. 2532 (101st)

Oil Spill Tax Act

referredUnited States· United States Congress· EN

Introduced

1 June 1989

Last action

1 June 1989 · Introduced

Status

Referred to the House Committee on Ways and Means.

Sponsors

Rep. Lipinski, William O. [D-IL-3], Rep. Ravenel, Arthur, Jr. [R-SC-1], Sen. Dorgan, Byron L. [D-ND], Rep. James, Craig T. [R-FL-4], Rep. Mineta, Norman Y. [D-CA-15], Rep. Owens, Major R. [D-NY-11], Rep. Moody, Jim [D-WI-5], Rep. Kildee, Dale E. [D-MI-5], Rep. Fawell, Harris W. [R-IL-13], Rep. Hawkins, Augustus F. [D-CA-29], Sen. Johnson, Tim [D-SD], Rep. Bates, Jim [D-CA-44], Rep. Slattery, Jim [D-KS-2], Rep. Obey, David R. [D-WI-7], Rep. Lancaster, H. Martin [D-NC-3], Sen. Campbell, Ben Nighthorse [R-CO], Sen. Boxer, Barbara [D-CA], Rep. Mrazek, Robert J. [D-NY-3], Rep. Courter, Jim [R-NJ-12], Rep. Eckart, Dennis E. [D-OH-11], Rep. AuCoin, Les [D-OR-1], Rep. Bennett, Charles E. [D-FL-3], Rep. Ford, William D. [D-MI-13], Rep. Downey, Thomas J. [D-NY-2], Rep. Frank, Barney [D-MA-4], Rep. Lewis, John [D-GA-5], Rep. Collins, Cardiss [D-IL-7], Rep. Traficant, James A., Jr. [D-OH-17], Rep. Conte, Silvio O. [R-MA-1], Rep. Kaptur, Marcy [D-OH-9], Rep. Vento, Bruce F. [D-MN-4], Rep. Lantos, Tom [D-CA-12], Rep. Neal, Richard E. [D-MA-1], Rep. Dwyer, Bernard J. [D-NJ-6], Rep. Horton, Frank J. [R-NY-29], Rep. Broomfield, William S. [R-MI-18], Rep. Kleczka, Gerald D. [D-WI-4], Rep. Roukema, Marge [R-NJ-5], Rep. Bilbray, James H. [D-NV-1], Rep. Smith, Lawrence [D-FL-16], Rep. Pallone, Frank [D-NJ-6], Rep. Stark, Fortney Pete [D-CA-13], Rep. Smith, Peter [R-VT-At Large], Rep. Panetta, Leon [D-CA-16], Rep. Lehman, Richard H. [D-CA-19], Rep. Bryant, John W. [D-TX-5], Rep. Jontz, Jim [D-IN-5], Rep. Buechner, Jack [R-MO-2]

Subjects

Taxation

Source updated

26 August 2025

Taxation

Official sourceDownload fileView documentsShare

Summary

Oil Spill Tax Act - Amends the Internal Revenue Code relating to trade or business expenses to disallow the deduction for oil and hazardous substances cleanup costs if the Secretary of the Treasury receives notification from the relevant authority that the taxpayer has failed to comply with specified Federal environmental law. Disallows such deduction where it can be shown that the oil or hazardous substance discharge was the result of willful negligence or willful misconduct. Reduces the tax attributes of the taxpayer by the amount disallowed. Disallows a deduction for losses resulting from any oil or hazardous substance discharge if the cleanup costs of such discharge are disallowed as a deduction. Sets forth time limits for: (1) the Secretary to assess any deficiency attributable to the notification of noncompliance with Federal environmental law; and (2) the taxpayer to file a claim for credit or refund attributable to receipt of such notification. Establishes an account in the Treasury to consist of the increase in revenues resulting under this Act. Makes such amounts available for: (1) the revolving fund under the Federal Water Pollution Control Act for expenses related to removal of discharged oil; or (2) the Hazardous Substance Superfund. Directs the Secretary to report to specified congressional committees on the decrease of Federal revenues because of the allowance of the deduction for oil and hazardous substances cleanup costs. Requires the Secretary to report annually to such committees on the amount expended on environmental cleanup costs and the amount accruing to the Treasury by reason of the disallowance of such deduction.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 1 June 1989

    Introduced

    Introduced in House

    Source: IntroReferral

  2. 1 June 1989

    Introduced

    Referred to the House Committee on Ways and Means.

    Source: IntroReferral

  3. 1 June 1989

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

2 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN

    ViewDownloadOpen at official source

  • Introduced in House

    summary · EN · 1 June 1989

    Open at official source

    Leesvertaling

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Sponsors

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Related records

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Sources

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