[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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