Page:United States Statutes at Large Volume 100 Part 3.djvu/150

 100 STAT. 1958

PUBLIC LAW 99-509—OCT. 21, 1986

Ante, pp. 1761, ^^^^-

application of taxes), as so amended, is amended— (A) in the subsection heading by striking out "TAXES" and inserting in lieu thereof "HAZARDOUS SUBSTANCE '
 * (1) Subsection (e) of section 4611 of such Code (relating to

SuPERFUND F I N A N C I N G R A T E ",



(B) in paragraph (1) by striking out "the taxes imposed by this section" and inserting in lieu thereof "the Hazardous i Substance Superfund financing rate under this section", .J (C) in paragraphs (2) and (3)(A) after "this section" by inserting "(to the extent attributable to the Hazardous Substance Superfund financing rate)", and (D) in paragraph (3)(B) by striking out "no tax shall be imposed under this section" and inserting in lieu thereof "the Hazardous Substance Superfund financing rate under this section shall not apply". (2) Section 4611 of such Code, as so amended, is amended by adding at the end thereof the following new subsection:

'

"(f) APPLICATION OF OIL SPILL LIABILITY TRUST FUND FINANCING •••..'•

RATE.—

"(1) IN GENERAL.—Except as provided in paragraph (3), the Oil Spill Liability Trust Fund financing rate under subsection (c) shall apply on and after the commencement date and before January 1, 1992. "(2) COMMENCEMENT DATE.—

"(A) IN GENERAL.—For purposes of this subsection, the term 'commencement date' means the later of— "(i) February 1, 1987, or "(ii) the 1st day of the 1st calendar month beginning more than 30 days after the date of the enactment of qualified authorizing legislation. "(B) QUALIFIED AUTHORIZING LEGISLATION.—For purposes
 * i >,

te

of subparagraph (A), the term 'qualified authorizing legislation' means any law enacted before September 1, 1987, which is substantially identical to subtitle E of title VI, or subtitle D of title VIII, of H.R. 5300 of the 99th Congress as passed the House of Representatives. "(3) N o TAX IF AMOUNTS COLLECTED EXCEED $300,000,000.—

"(A) ESTIMATES BY SECRETARY.—The Secretary as of the

Ante, pp. 1761, 1956!

close of each calendar quarter (and at such other times as the Secretary determines appropriate) shall make an estimate of the amount of taxes which will be collected under this section (to the extent attributable to the Oil Spill "* Liability Trust Fund financing rate) during the period beginning on the commencement date and ending on December 31, 1991. "(B) TERMINATION IF $300,000,000 CREDITED BEFORE JANUARY 1, 1992.—If the Secretary estimates under subparagraph (A) that more than $300,000,000 will be credited to ^ the Fund before January 1, 1992, the Oil Spill Liability Trust Fund financing rate shall not apply after the date on which (as estimated by the Secretary) $300,000,000 will be so credited to the Fund." - -- (3) Sections 4661(c) and 4671(e) of such Code (relating to termination of environmental taxes) are each amended by striking out " n o tax is imposed under section 4611(a)" and inserting in lieu thereof " the Hazardous Substance Superfund financing r a t e under section 4611 does not apply".

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