S.771 - Oilspill Bill101st Congress (1989-1990)
|Sponsor:||Sen. Reid, Harry [D-NV] (Introduced 04/13/1989)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 06/21/1989 Committee on Finance. Hearings held. Hearings printed: S.Hrg. 101-572. (All Actions)|
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Summary: S.771 — 101st Congress (1989-1990)All Information (Except Text)
Introduced in Senate (04/13/1989)
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 of 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.