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HR 2060 101th Congress House Taxation Corporation taxes Environmental Protection Income tax Liability for oil pollution Oil pollution Petroleum Petroleum industry Tankers Tax deductions Waterways

To amend the Internal Revenue Code of 1986 to deny the deduction for any removal or liability cost attributable to an oil spill from a vessel in navigable waters.

Introduced: April 18, 1989 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 18, 1989
Referred to the House Committee on Ways and Means.
Apr 18, 1989
Introduced in House
 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to disallow an income tax deduction for business expenses incurred as removal or liability costs resulting from a spill or other discharge of oil being transported by or for the taxpayer from a vessel onto waters subject to the Clean Water Act. Excludes discharges 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.

Applies this deduction denial retroactively with respect to amounts incurred in taxable years 1989 and thereafter.

What's happening now April 18, 1989

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2