HR 1935 101th Congress House

Oilspill Bill

Official title: To amend the Internal Revenue Code of 1986 to disallow deductions for costs in connection with oil and hazardous substance cleanup unless the requirements of a… Show full official titleShow less

Official title: To amend the Internal Revenue Code of 1986 to disallow deductions for costs in connection with oil and hazardous substance cleanup unless the requirements of all applicable Federal laws concerning such cleanup are met, and for other purposes.

Introduced: April 26, 1989 See on congress.gov

Taxation Business lossesCongressional reporting requirementsCorporation taxesEnvironmental Protection

More subjectsShow fewer subjects

Federal receipts and expendituresGovernment trust fundsIncome taxLiability for oil pollutionLiability for toxic substances pollution damagesOil pollutionPetroleumPetroleum industryRevolving fundsTankersTax deductionsWaterways

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

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Latest action April 27, 1989

Referred to the Subcommittee on Water Resources.

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.

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Bill text 1 version