Page:United States Statutes at Large Volume 100 Part 3.djvu/151

 PUBLIC LAW 99-509—OCT. 21, 1986

100 STAT. 1959

(4) Subsection (b) of section 9507 of such Code (relating to Infra; post, p. transfers to Superfund) is amended by adding at the end thereof i^^^. the following: "In the case of the tax imposed by section 4611, paragraph (1) shall apply only to so much of such tax as is attributable to the Hazardous Substance Superfund financing rate under section 4611(c)." Ante, pp. 1955, (d) EFFECTIVE DATE.—

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(1) IN GENERAL.—Except as provided in paragraph (2), the notY amendments made by this section shall take effect on the rv ' commencement date (as defined in section 4611(0(2) of the Internal Revenue Code of 1954, as added by this section). Ante, p. 1958. (2) COORDINATION WITH SUPERFUND REAUTHORIZATION.—The

amendments made by this section shall take effect only if the Superfund Amendments and Reauthorization Act of 1986 is Ante, p. 1613. enacted.

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Subpart C—Oil Spill Liability Trust Fund

SEC. 8033. OIL SPILL LIABILITY TRUST FUND.

(a) IN GENERAL.—Subchapter A of chapter 98 of the Internal Revenue Code of 1954 (relating to establishment of trust funds) is amended by adding after section 9506 the following new section:

Post, p. 2095; 26 USC 9501.

"SEC. 9507. OIL SPILL LIABILITY TRUST FUND.

Post, p. 1962;

"(a) CREATION OF TRUST FUND.—There is established in the Treasury of the United States a trust fund to be known as the 'Oil Spill Liability Trust Fund', consisting of such amounts as may be appropriated or credited to such Trust Fund as provided in this section or section 9602(b). "01>) TRANSFERS TO TRUST FUND.—There are hereby appropriated to the Oil Spill Liability Trust Fund amounts equivalent to— "(1) taxes received in the Treasury under section 4611 (relating to environmental tax on petroleum) to the extent attributable to the Oil Spill Liability Trust Fund financing rate under section 4611(c), "(2) amounts recovered, collected, or received under subtitle A of the Comprehensive Oil Pollution Liability and Compensation Act, i: "(3) amounts remaining (on the 1st day the Oil Spill Liability Trust Fund financing rate under section 4611(c) applies) in the Deep Water Port Liability Fund established by section 18(0 of ^( the Deep Water Port Act of 1974, 33 USC 1517. "(4) amounts remaining (on such date) in the Offshore Oil 'K. Pollution Compensation Fund established under section 302 of b the Outer Continental Shelf Lands Act Amendments of 1978, 43 USC 1812. and •; "(5) amounts credited to such trust fund under section 311(s) of the Federal Water Pollution Control Act. 33 USC 1321. "(c) EXPENDITURES.— ,... "(1) GENERAL EXPENDITURE PURPOSES.—

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"(A) IN GENERAL.—Amounts in the Oil Spill Liability Trust Fund shall be available, as provided in appropriation Acts, only for purposes of making expenditures for— "(i) the payment of removal costs described in the Comprehensive Oil Pollution Liability and Compensation Act,

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