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.

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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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