S 3163 114th Congress Senate Environmental Protection Accidents Administrative law and regulatory procedures Budget process Government trust funds Marine and coastal resources, fisheries Marine pollution Oil and gas Pollution liability State and local finance Water quality

Big Oil Bailout Prevention Trust Fund Act of 2016

Introduced: July 12, 2016 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jul 12, 2016

Read twice and referred to the Committee on Finance.

Jul 12, 2016

Introduced in Senate

Plain-English summary Congressional Research Service

Big Oil Bailout Prevention Trust Fund Act of 2016

This bill amends the Internal Revenue Code to eliminate: (1) the $1 billion per incident limitation on expenditures from the Oil Spill Liability Trust Fund for cleanup of oil spills, (2) the $500 million per incident limitation on expenditures from the trust fund for natural resource damage assessments and claims in connection with oil spills, and (3) the limitation on the borrowing authority of the trust fund.

The bill also amends the Oil Pollution Act of 1990 to direct the President to promulgate regulations to allow advance payments from the Oil Spill Liability Trust Fund to states and localities to prepare for and mitigate substantial threats from the discharge of oil.

What's happening now July 12, 2016

Read twice and referred to the Committee on Finance.

Committees of jurisdiction 1