Superfund Revenue Act of 1985

Summary

Superfund Revenue Act of 1985 - Title I: Amendments to the Internal Revenue Code - Subtitle A: Feedstocks and Petroleum - Increases the tax on petroleum from the present level of 0.79 cents per barrel to 1.13 cents per barrel of crude oil. Provides that this tax shall not apply after FY 1990. Increases the tax rate on certain organic and inorganic feedstock chemicals to 1.5 percent of the wholesale selling price of a substance or $5.35 per ton, whichever is lower. Provides that these tax rates will be adjusted annually for inflation. Subtitle B: Tax on Hazardous Wastes - Imposes a tax of $3.65 per metric ton on the receipt of hazardous waste at qualified hazardous waste facilities and on the exportation of hazardous waste from the United States. Provides for an annual inflation adjustment for the tax rates. Imposes the tax on the owner or operator of the qualified hazardous waste facility or on the exporter of the hazardous waste. Terminates the tax on hazardous waste received or exported after FY 1990. Subtitle C: Tax on Corporate Earnings and Profits - Imposes an environmental tax on corporate earnings and profits at a rate of three-tenths of one percent on corporate earnings and profits in excess of five million dollars a year. Exempts from such tax S corporations, regulated investment companies, and real estate investment trusts. Terminates this tax for taxable years ending after FY 1990. Provides that the various tax credits shall not be used to reduce the amount of this tax. Transfers the revenues from this tax to the Superfund. Title II: Authorization of Appropriations to Hazardous Substance Response Trust Fund - Authorizes appropriations for FY 1981 through 1990 for the Hazardous Substance Response Trust Fund.

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Timeline

1. 18 April 1985

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 18 April 1985

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 23 April 1985

   Committee

   Committee on Finance requested executive comment from OMB, Treasury Department, Environmental Protection Agency.

   Source: Committee

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 18 April 1985

  Open at official source

Sponsors

• Sen. Mitchell, George J. [D-ME] · D · Sponsor
• Sen. Chafee, John H. [R-RI] · R · Sponsor
• · ssfi00 · Standing

Related records

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