H. R. 2223: Oil Spill Resource Restoration Act. Introduced in the House of Representatives, One Hundred First Congress, First Session, May 3, 1989
H.R. 2223 would provide for expedited assessment of damages from major oil spills, and would amend the Internal Revenue Code of 1986 to disallow deduction of the costs for cleanup of oil or hazardous substance discharges. Upon receiving a petition for expedited preliminary damage, the administrator would immediately initiate an assessment of the damages to natural resources. Within 20 days if it is found to be a major spill, the administrator designates trustees for overseeing both Federal and state natural resources that are affected, establishes a commission of these trustees, makes a determination regarding the party responsible for the spill, and directs that party to establish a trust fund accessible to the commission in an amount determined to be adequate to pay reasonable costs incurred by the commission for a full assessment of the damages and for preparing a restoration and replacement plan. Deductions for cleanup of spills would be allowed only if it can be certified that the taxpayer made good faith efforts to comply with the Clean Water Act for oil spills or with the Comprehensive Environmental Response, Compensation, and Liability Act for hazardous substances spills or if it can be proved that the spill was caused by an act of God, and act of war, negligence on the part of the US government, or an act of omission of a third party. The bill would be applicable to spills occurring after March 23, 1989.
- OSTI ID:
- 5334066
- Country of Publication:
- United States
- Language:
- English
Similar Records
H. R. 1539: This Act may be cited as the Oil Spill Tax Act, introduced in the House of Representatives, One Hundred Second Congress, First Session, March 20, 1991
S. 771: Oil spill Bill. Introduced in the Senate of the United States, One Hundred First Congress, First Session, April 13, 1989
Related Subjects
29 ENERGY PLANNING
POLICY AND ECONOMY
OIL SPILLS
CLEANING
LIABILITIES
AMENDMENTS
CLEAN WATER ACT
COMPLIANCE
DAMAGE
ECOSYSTEMS
ENVIRONMENTAL POLICY
EVALUATION
FINANCING
LAND RECLAMATION
LEGISLATION
LEGISLATIVE TEXT
NATIONAL GOVERNMENT
PLANNING
STATE GOVERNMENT
TAX LAWS
TIME DEPENDENCE
WATER RECLAMATION
GOVERNMENT POLICIES
LAWS
POLLUTION LAWS
021000* - Petroleum- Legislation & Regulations
294002 - Energy Planning & Policy- Petroleum
290300 - Energy Planning & Policy- Environment
Health
& Safety
290200 - Energy Planning & Policy- Economics & Sociology