S. 1222Senate109th Congress (2005-2007)In Committee

Oil Spill Liability Trust Fund Maintenance Act

Introduced June 9, 2005

Legislative Activity

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SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance.

June 9, 2005

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SenateIntro Referral

Introduced in Senate

June 9, 2005

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S6332-6333)

June 9, 2005

SenateIntro Referral

Read twice and referred to the Committee on Finance.

June 9, 2005

Floor Debate

14 members

What members said about S. 1222 on the floor

6 Republicans8 Democrats
Jeff Bingaman
Sen. Jeff BingamanD-NM · Jun 9, 2005

Mr. President--I rise today to introduce a bill that would establish a capability within the State Department Science Advisor's Office to assess science and technology outside the United States. Over…

Christopher J. Dodd
Sen. Christopher J. DoddD-CT · Jun 9, 2005

Mr. President, I am pleased to join with my colleague from Maine, Senator Collins, and my colleague from Vermont, Senator Leahy, to introduce legislation today to protect America's children from the…

Debbie Stabenow
Sen. Debbie StabenowD-MI · Jun 9, 2005

Mr. President, I rise today to introduce legislation that will convey the United States Coast Guard Cutter Mackinaw to the City and County of Cheboygan for use as a museum. The United States Coast…

Tom Harkin
Sen. Tom HarkinD-IA · Jun 9, 2005

Mr. President, over the past 100 years, the economy of the United States has become inextricably tied to the supply of petroleum. In the early part of the 20th century, America's abundant sources of…

Edward M. Kennedy
Sen. Edward M. KennedyD-MA · Jun 9, 2005

Mr. President, it is a privilege to join my distinguished colleague, Senator Durbin, in introducing the Teacher Excellence for All Children Act of 2005. Its goal is to bring us closer to giving every…

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Judd Gregg
Sen. Judd GreggR-NH · Jun 9, 2005

Mr. President, today I am proud to introduce the Higher Education for Freedom Act. This bill will establish a competitive grant program making funds available to institutions of higher education,…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Jun 9, 2005

Mr. President, this year well over 6 million pregnancies will occur in America. The challenge of raising healthy children and preparing them for a changing world is a staggering one indeed. This is…

Lamar Alexander
Sen. Lamar AlexanderR-TN · Jun 9, 2005

Mr. President, in order to protect our Nation's most scenic areas, Senator Warner, the senior Senator from Virginia, and I are today introducing a revised version of the Environmentally Responsible…

Harry Reid
Sen. Harry ReidD-NV · Jun 9, 2005

Mr. President, this week marks the fortieth anniversary of the U.S. Supreme Court decision in Griswold v. Connecticut that struck down a Connecticut law that had made the use of birth control by…

Barbara Boxer
Sen. Barbara BoxerD-CA · Jun 9, 2005

Mr. President, as we commemorate World Oceans Week, we celebrate the wonder and beauty of the world's oceans. We celebrate the role our oceans play in commerce, fishing and shipping. We celebrate the…

Ted Stevens
Sen. Ted StevensR-AK · Jun 9, 2005

Mr. President, I introduce legislation today to maintain the solvency of the Oil Spill Liability Trust Fund established pursuant to the Oil Pollution Act of 1990. Shortly after midnight on March 24,…

Ted Stevens
Sen. Ted StevensR-AK · Jun 9, 2005

Mr. President, I introduce legislation today to maintain the solvency of the Oil Spill Liability Trust Fund established pursuant to the Oil Pollution Act of 1990. Shortly after midnight on March 24,…

Jon S. Corzine
Sen. Jon S. CorzineD-NJ · Jun 9, 2005

Mr. President, identity theft is a serious and growing concern facing our Nation's consumers. According to the Federal Trade Commission, nearly 10 million Americans were the victims of identity theft…

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Conrad R. Burns
Sen. Conrad R. BurnsR-MT · Jun 9, 2005

Mr. President, today I am introducing legislation that provides an important clarification to the Fort Peck Reservation Rural Water System Act of 2000. The water project authorized by that…

Gordon H. Smith
Sen. Gordon H. SmithR-OR · Jun 9, 2005

Mr. President, today I introduce important legislation to enable more Americans to realize the dream of homeownership. The First- Time Homebuyers' Tax Credit Act that Senator Stabenow and I are…

Bill Text

Latest available legislative text

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Introduced in SenateIssued June 9, 2005
        [Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 1222 Introduced in Senate (IS)]

1st Session
S. 1222

To amend the Internal Revenue Code of 1986 to reinstate the Oil Spill
Liability Trust Fund tax and to maintain a balance of $3 billion in the
Oil Spill Liability Trust Fund.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

June 9, 2005

Mr. Stevens (for himself, Mr. Inouye, and Ms. Cantwell) introduced the
following bill; which was read twice and referred to the Committee on
Finance

_______________________________________________________________________

A BILL

To amend the Internal Revenue Code of 1986 to reinstate the Oil Spill
Liability Trust Fund tax and to maintain a balance of $3 billion in the
Oil Spill Liability Trust Fund.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Oil Spill Liability Trust Fund
Maintenance Act''.

SEC. 2. OIL SPILL LIABILITY TRUST FUND FINANCING RATE.

Section 4611(f) of the Internal Revenue Code of 1986 (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 the last day of the first calendar
quarter ending more than 30 days after--
``(A) the date of enactment of the Oil Spill
Liability Trust Fund Maintenance Act; or
``(B) if later, the last day of any calendar
quarter for which the Secretary estimates that, as of
the close of that quarter, the unobligated balance in
the Oil Spill Liability Trust Fund is less than
$2,000,000,000.
``(2) Fund balance.--The Oil Spill Liability Trust Fund
financing rate shall not apply during a calendar quarter if the
Secretary estimates that, as of the close of the preceding
calendar quarter, the unobligated balance in the Oil Spill
Liability Trust Fund exceeds $3,000,000,000.''.
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