To amend the Internal Revenue Code of 1986 to deny any deduction for certain oil cleanup costs, and for other purposes.

Summary

Amends the Internal Revenue Code to disallow a tax deduction for oil cleanup costs, except: (1) spills involving less than 36,000 gallons of oil; (2) facility closures and cleanup completions; and (3) oil discharge costs where the taxpayer has a complete liability defense. Prohibits the net operating loss deduction from reducing taxable income to an amount less than the amount disallowed for oil cleanup costs. Treats qualified oil facility expenditures to reduce risks of oil spills as expenses which are not chargeable to capital account. Allows such expenditures as a deduction.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 7 October 1993

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• Introduced in House (PDF)

  Introduced in House · EN · 7 October 1993

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• Introduced in House

  summary · EN · 7 October 1993

  Open at official source

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