Superfund Excise Tax Act of 1985

Summary

Superfund Excise Tax Act of 1985 - Amends the Internal Revenue Code to impose an excise tax on the sale, lease, and importation of tangible personal property in the United States. Provides that the tax rate with respect to any fiscal year shall be determined by the Secretary of the Treasury in such an amount so as to collect sufficient amounts of tax to finance the Hazardous Substance Response Trust Fund (Superfund). 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 or the fair market value if there is no customs value; or (3) in the case of a lease, the gross lease payments received during the taxable period. Exempts from the tax any property which is to be exported outside the United States. Exempts sales and lease payments if the aggregate taxable amount for the taxable period is less than $100,000. Provides that no excise tax shall be imposed on the sale or importation of any property by the United States or other governmental entities or any exempt organizations. Provides that every manufacturer will receive a credit against this tax based on the amount of its purchases of direct materials included in the computation of its inventory costs. Treats any credit amount in excess of the tax liability as an overpayment of the excise tax. Requires the seller, lessor, or importer to file a tax return for this tax before the first day of the second calendar month beginning after the close of each taxable period.

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1 official file

• Introduced in Senate

  summary · EN · 18 April 1985

  Open at official source

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