Text: S.3544 — 110th Congress (2007-2008)All Bill Information (Except Text)

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Introduced in Senate (09/23/2008)


110th CONGRESS
2d Session
S. 3544

To amend the Internal Revenue Code of 1986 to extend the financing of the Superfund.


IN THE SENATE OF THE UNITED STATES
September 23 (legislative day, September 17), 2008

Mrs. Clinton (for herself, Mrs. Boxer, Mr. Lautenberg, Mr. Cardin, Mr. Obama, Mr. Biden, Mr. Nelson of Florida, Mr. Wyden, and Mr. Dodd) introduced the following bill; which was read twice and referred to the Committee on Finance


A BILL

To amend the Internal Revenue Code of 1986 to extend the financing of the Superfund.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Superfund Polluter Pays Act”.

SEC. 2. Extension of Superfund taxes.

(a) Excise taxes.—Section 4611(e) of the Internal Revenue Code of 1986 is amended to read as follows:

“(e) Application of Hazardous Substance Superfund financing rate.—The Hazardous Substance Superfund financing rate under this section shall apply after December 31, 1986, and before January 1, 1996, and after the date of the enactment of this subsection and before January 1, 2017.”.

(b) Corporate environmental income tax.—Section 59A(e) of the Internal Revenue Code of 1986 is amended to read as follows:

“(e) Application of tax.—The tax imposed by this section shall apply to taxable years beginning after December 31, 1986, and before January 1, 1996, and to taxable years beginning after the date of the enactment of this subsection and before January 1, 2017.”.

(c) Technical amendments.—

(1) Section 4611(b) of the Internal Revenue Code of 1986 is amended—

(A) by striking “or exported from” in paragraph (1)(A),

(B) by striking “or exportation” in paragraph (1)(B), and

(C) by striking “and exportation” in the heading.

(2) Section 4611(d)(3) of such Code is amended—

(A) by striking “or exporting the crude oil, as the case may be” in the text and inserting “the crude oil”, and

(B) by striking “or exports” in the heading.

(d) Effective dates.—

(1) EXCISE TAXES.—The amendments made by subsections (a) and (c) shall take effect on the date of the enactment of this Act.

(2) INCOME TAX.—The amendment made by subsection (b) shall apply to taxable years beginning after the date of the enactment of this Act.