Superfund Excise Tax Act of 1985

Summary

Superfund Excise Tax of 1985 - Amends the Internal Revenue Code to impose an excise tax on the sale, lease, or importation of tangible personal property in the United States in order to finance the Hazardous Substance Response Trust Fund (Superfund). Provides that the tax rate shall be eight-tenths of one percent of the taxable amount. Terminates the imposition of this tax after December 31, 1990. Establishes procedures for the proration of the tax where the taxable period extends beyond the termination date. Provides that the taxable amount shall be: (1) in the case of a sale, the price charged the purchaser of the property by the seller, including items payable to the seller with respect to such transaction; (2) in the case of any import, the customs value plus customs duties and any other duties imposed on the fair market value if there is no customs value; and (3) in the case of a lease, the gross lease payments received under the lease. Sets forth special rules where the sale or lease payments are received in more than one taxable period. Exempts from the tax any property which is to be exported outside the United States. Exempts from the tax any import into the United States as part of a shipment the aggregate taxable amount of which is $10,000 or less. Provides that no excise tax shall be imposed on the sale or leasing of any property by the United States or other governmental entities or any exempt organizations. Permits a credit against the tax on sales and leases equal to the greater of: (1) eight-tenths of one percent of the qualified inventory costs of the taxable person for the taxable period; or (2) the amount of the excise tax imposed to the extent such amount does not exceed $8,000. Permits a carryforward of any credit amount exceeding the tax liability for a taxable period. Defines "qualified inventory costs." Provides special rules for taxpayers under common control for purpose of the credit computation. Requires the seller, lessor, or importer to file a tax return for this tax. Exempts the filing of a return for any taxable period where the aggregate taxable amount for the taxable transactions is $10,000,000 or less. Establishes certain depository requirements. Imposes penalties with respect to the excise tax.

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1 official file

• Introduced in House

  summary · EN · 17 July 1985

  Open at official source

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