S 461

112th CONGRESS
1st Session

S. 461

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

IN THE SENATE OF THE UNITED STATES

March 2, 2011

Mr. LAUTENBERG (for himself, Mrs. BOXER, Mr. MENENDEZ, Mrs. MURRAY, Mrs. FEINSTEIN, Mr. WHITEHOUSE, Mr. CARDIN, and Mr. MERKLEY) 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 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 `Polluter Pays Restoration 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 the Polluter Pays Restoration Act and before January 1, 2021.'.

    (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 the Polluter Pays Restoration Act and before January 1, 2021.'.

    (c) Effective Dates-

      (1) EXCISE TAXES- The amendments made by subsection (a) 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.

END