Page:United States Statutes at Large Volume 100 Part 3.djvu/149

 PUBLIC LAW 99-509—OCT. 21, 1986

100 STAT. 1957

the Hazardous Substance Superfund financing rate under section 4611(c)."

^ ^

(e) EFFECTIVE DATE,—

(1) IN GENERAL.—Except as provided in paragraph (2), the amendments made by this section shall take effect on the commencement date (as defined in section 4611(e)(2) of the Internal Revenue Code of 1954, as added by this section).

Ante, p. 1956.

(2) COORDINATION WITH SUPERFUND REAUTHORIZATION.—The

amendments made by this section shall not take effect if the Superfund Amendments and Reauthorization Act of 1986 is enacted.

Ante, p. 1613.

Subpart B—Tax Provisions If Superfund Amendments Enacted SEC. 8032. INCREASE IN ENVIRONMENTAL TAX ON PETROLEUM.

(a) IN GENERAL.—Subsection (c) of section 4611 of the Internal Revenue Code of 1954 (relating to environmental tax on petroleum), as amended by the Superfund Amendments and Reauthorization Act of 1986, is amended to read as follows:

Ante, pp. 1761, ^^^^•

"(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 "(B) the Oil Spill Liability Trust Fund financing rate. "(2) RATES.—For purposes of paragraph (1)— "(A) the Hazardous Substance Superfund financing rate is— "(i) except as provided in clause (ii), 8.2 cents a barrel, and "(ii) 11.7 cents a barrel in the case of the tax imposed by subsection (a)(2), and "(B) the Oil Spill Liability Trust Fund financing rate is 1.3 cents a barrel." (b) CREDIT AGAINST PORTION OF TAX ATTRIBUTABLE TO OIL SPILL

RATE.—Section 4612 of such Code (relating to definitions and special Ante, pp. 1761, rules), as so amended, is amended by redesignating subsection (d) as ^955. subsection (e) and by inserting after subsection (c) the following new subsection: "(d) 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 of— "(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 "(B) the interest accrued on such amounts before such date, over "(2) the amount of such payments taken into account under this subsection for all prior periods." (c) CONFORMING AMENDMENTS.—

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