Oilspill Bill

Summary

Oilspill Bill - Amends the Internal Revenue Code to disallow any income tax deduction for oil or hazardous substances cleanup costs including related legal expenses, unless: (1) the Secretary of the Treasury receives certification from the relevant authority that the taxpayer has made a good faith effort to comply with specified Federal environmental law; or (2) the discharge was 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. Prohibits any loss resulting from disallowance of such a deduction from being offset by the net operating loss deduction. Transfers the revenue resulting from the disallowance to an account made available for subsequent transfer to: (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 of the Treasury to: (1) report to specified congressional committees an estimate of the decrease of Federal revenues between January 1, 1970, and December 31, 1988, by reason of the allowance of applicable cleanup costs; and (2) report annually to the same committees the amount expended on environmental cleanup costs and the amount accruing to the new cleanup account.

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

Timeline

1. 13 April 1989

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 13 April 1989

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 21 June 1989

   Committee

   Committee on Finance. Hearings held. Hearings printed: S.Hrg. 101-572.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · — · Download file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 13 April 1989

  Open at official source

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Sponsors

• Sen. Reid, Harry [D-NV] · D · Sponsor
• Sen. Kohl, Herb [D-WI] · D · Cosponsor
• Sen. Simon, Paul [D-IL] · D · Cosponsor
• Sen. Bryan, Richard H. [D-NV] · D · Cosponsor
• Sen. Metzenbaum, Howard M. [D-OH] · D · Cosponsor
• Sen. DeConcini, Dennis [D-AZ] · D · Cosponsor
• Sen. Lieberman, Joseph I. [ID-CT] · D · Cosponsor
• Sen. Gore, Albert, Jr. [D-TN] · D · Cosponsor
• Sen. Stevens, Ted [R-AK] · R · Cosponsor
• Sen. Inouye, Daniel K. [D-HI] · D · Cosponsor
• Sen. Mikulski, Barbara A. [D-MD] · D · Cosponsor
• Sen. Dodd, Christopher J. [D-CT] · D · Cosponsor
• Sen. McConnell, Mitch [R-KY] · R · Cosponsor
• Sen. Boschwitz, Rudy [R-MN] · R · Cosponsor
• Sen. Pressler, Larry [R-SD] · R · Cosponsor
• Sen. Lautenberg, Frank R. [D-NJ] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Oilspill Bill