Page:United States Statutes at Large Volume 103 Part 3.djvu/295

 PUBLIC LAW 101-239—DEC. 19, 1989 103 STAT. 2363 on any vessel owned or operated by the United States, a State, or any sigency or subdivision thereof. " (B) EXCEPTION FOR CERTAIN VOYAGES ON PASSENGER VES- SELS. — The term 'covered voyage' shall not include a voyage of a passenger vessel of less than 12 hours between 2 ports in the United States. "(2) PASSENGER VESSEL. —The term 'passenger vessel' means any vessel having berth or stateroom accommodations for more than 16 passengers." (b) CLERICAL AMENDMENTS. —The table of subchapters for chapter 36 is amended by inserting after the item relating to subchapter A the following new item: "SUBCHAPTER B. Transportation by water." (c) EFFECTIVE DATE.— 26 USC 4471 (1) IN GENERAL.— The amendments made by this section shall "°*®- apply to voyages beginning after December 31, 1989, which were not paid for before such date. (2) No DEPOSITS REQUIRED BEFORE APRIL 1, 1990.— No deposit of any tax imposed by subchapter B of chapter 36 of the Internal Revenue Code of 1986, as added by this section, shall be required to be made before April 1, 1990. SEC. 7505. OIL SPILL LIABILITY TRUST FUND TAX TO TAKE EFFECT ON JANUARY 1, 1990. (a) TAX TO TAKE EFFECT ON JANUARY 1, 1990.— (1) IN GENERAL. —Subsection (f) of section 4611 (relating to application of Oil Spill Liability Trust Fund financing rate) is amended to read as follows: "(f) APPLICATION OF OIL SPILL LIABILITY TRUST FUND FINANCING RATE.— "(1) IN GENERAL.— Except as provided in paragraph (2), the Oil Spill Liability Trust Fund financing rate under subsection (c) shall apply after December 31, 1989, and before January 1, 1995. "(2) No TAX IF UNOBLIGATED BALANCE IN FUND EXCEEDS $1,000,000,000. —The Oil Spill Liability Trust Fund financing rate shall not apply during any calendar quarter if the Sec- retary estimates that as of the close of the preceding calendar quarter the unobligated balance in the Oil Spill Liability Trust Fund exceeds $1,000,000,000." (b) 5 CENT RATE OF TAX. — Subparagraph (B) of section 4611(c)(2) is amended by striking "1.3 cents" and inserting "5 cents". (c) CREDIT AGAINST OIL SPILL TAX FOR EXCESS AMOUNTS IN THE TRANS-ALASKA PIPELINE LIABILITY FUND. — Subsection (d) of section 4612 is amended by adding at the end thereof the following new sentence: "The preceding sentence shall also apply to amounts paid by the taxpayer into the Trans-Alaska Pipeline Liability Fund to the extent of amounts transferred from such Fund into the Oil Spill Liability Trust Fund. Amounts may be trcmsferred from the Trans- Alaska Pipeline Liability Fund into the Oil Spill Liability Trust Fund only to the extent the administrators of the Trans-Alaska Pipeline Liability Fund determine that such amounts are not needed to satisfy claims against such Fund." (d) OIL SPILL LIABILITY TRUST FUND TO BE OPERATING FUND. — 26 USC 4611 (1) IN GENERAL.—For purposes of sections 8032(d) and 8033(c) "«*«• of the Omnibus Budget Reconciliation Act of 1986, the commencement date is January 1, 1990.

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