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HR 1935 101th Congress House Taxation Business losses Congressional reporting requirements Corporation taxes Environmental Protection Federal receipts and expenditures Government trust funds Income tax Liability for oil pollution Liability for toxic substances pollution damages Oil pollution Petroleum Petroleum industry Revolving funds Tankers Tax deductions Waterways

Oilspill Bill

Introduced: April 13, 1989 See on congress.gov
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 Everywhere this bill has been 7 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 27, 1989
Referred to the Subcommittee on Water Resources.
Apr 27, 1989
Executive Comment Requested from Treasury, EPA, and OMB.
Apr 24, 1989
Referred to the Subcommittee on Transportation and Hazardous Materials.
Apr 13, 1989
Referred to the House Committee on Energy and Commerce.
Apr 13, 1989
Referred to the House Committee on Public Works + Transportation.
Apr 13, 1989
Referred to the House Committee on Ways and Means.
Apr 13, 1989
Introduced in House
 Plain-English summary Congressional Research Service

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 in 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.

What's happening now April 27, 1989

Referred to the Subcommittee on Water Resources.

 Committees of jurisdiction 5
 Cosponsors 2
All 2 Democratic 2