Page:United States Statutes at Large Volume 100 Part 3.djvu/147

 PUBLIC LAW 99-509—OCT. 21, 1986

100 STAT. 1955

(2) the 2-year waiting period for withdrawals shall not apply to withdrawals of amounts (or shares) in participants accounts in connection with the public sale, (e) DEFINITIONS.—For purposes of this section— (1) CoNRAiL.—The term "Conrail" means the Consolidated f Rail Corporation. Such term includes any corporation which was a subsidiary of Conrail immediately before the public sale. (2) PUBLIC SALE.—The term "public sale" means the sale of stock in Conrail pursuant to a public offering under the Conrail Privatization Act. If there is more than 1 public offering under Ante, p. 1892. such Act, such term means the sale pursuant to the initial public offering under such Act. (3) SECRETARY.—The term "Secretary" means the Secretary of the Treasury or his delegate.

PART IV—TAX ON PETROLEUM AND OIL SPILL LIABILITY TRUST FUND Subpart A—Tax Provisions if Superfund Amendments Not Enacted SEC. 8031. TAX ON PETROLEUM.

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(a) IN GENERAL.—Subsections (a) and (b) of section 4611 of the Internal Revenue Code of 1954 (relating to environmental tax on petroleum) are each amended by striking out "of 0.79 cent a barrel" Ante, p. 1761; and inserting in lieu thereof "at the rate specified in subsection (c)". post, p. 1956. (b) INCREASE IN TAX.—Section 4611 of such Code is amended by redesignating subsections (c) and (d) as subsections (d) and (e), respectively, and by inserting after subsection (b) the following new subsection: "(c) RATE OF TAX.—

"(1) IN GENERAL.—The rate of the taxes imposed by this section is the sum of— "(A) the Hazardous Substance Superfund financing rate, ^ >' and 'i "(B) the Oil Spill Liability Trust Fund financing rate. "(2) RATES.—For purposes of paragraph (1)— "(A) the Hazardous Substance Superfund financing rate is 0.79 cent a barrel, and "(B) the Oil Spill Liability Trust Fund financing rate is 1.3 cents a barrel." (c) CREDIT AGAINST PORTION OF TAX ATTRIBUTABLE TO OIL SPILL

RATE.—Section 4612 of such Code (relating to definitions and special Ante, p. 1761. rules) is amended by redesignating subsection (c) as subsection (d) i and by inserting after subsection (b) the following new subsection: "(c) CREDIT AGAINST PORTION OF TAX ATTRIBUTABLE TO OIL SPILL

RATE.—There shall be allowed as a credit against so much of the tax imposed by section 4611 as is attributable to the Oil Spill Liability Trust Fund financing rate for any period an amount equal to the excess of— "(1) the sum o f -f' "(A) the aggregate amounts paid by the taxpayer before January 1, 1987, into the Deepwater Port Liability Trust Fund and the Offshore Oil Pollution Compensation Fund, and

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