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Full Text: List Of Possible Tax Amendments To Superfund Legislation.

AUG. 11, 1994

Full Text: List Of Possible Tax Amendments To Superfund Legislation.

DATED AUG. 11, 1994
DOCUMENT ATTRIBUTES
  • Authors
    Rostenkowski, Rep. Dan
    Jacobs, Rep. Andrew, Jr.
    Matsui, Rep. Robert T.
    Andrews, Rep. Michael A.
    Jefferson, Rep. William J.
    Brewster, Rep. Bill K.
  • Cross-Reference
    For a related news story, see 94 TNT 157-6.
  • Index Terms
    legislation, tax
    environmental taxes, hazardous substance superfund
  • Jurisdictions
  • Language
    English
  • Tax Analysts Document Number
    Doc 94-7546
  • Tax Analysts Electronic Citation
    94 TNT 158-57

 

====== FULL TEXT ======

POSSIBLE AMENDMENTS TO SUPERFUND BILL

I. AMENDMENTS TO THE ENVIRONMENTAL INSURANCE

 

RESOLUTION FUND TAXES

Mrs. Kennelly

-- (a) Delete the retrospective tax

Possible Offset: Increase prospective tax rate, using Administration base

(b) Substitute a level rate prospective tax for the Administration proposal, expanding the base to include all commercial insurance

Mr. Reynolds & Mr. Crane

-- Retain the 70/30 burden split of the Administration proposal, but change the tax structure; prospective tax would be based on the CEIT; retrospective tax would be based on claims experience.

Mr. Crane

-- (a) Change the 70/30 burden split of the Administration proposal to 60/40, 50/50, 40/60, or 30/70.

(b) Strike the Administration EIRF tax proposal.

Mr. Grandy

-- Delete application of the prospective tax to residential fire insurance

Possible Offset: Increase the rate of the prospective tax

II. OTHER SUPERFUND TAX AMENDMENTS

Mr. Pickle & Mr. Hoagland

-- Allow foreign taxes to be deductible in calculating the CEIT

Mr. Andrews

-- Allow current income tax deductions for certain annuities purchased by PRPS even where liability is not extinguished (possible committee report language)

Mr. Jefferson

-- Allow refunds of the superfund petroleum tax for exported gasoline

III. STUDIES/REPORTS

Mr. Pickle & Mr. Houghton

-- Require annual EPA and EIRF reports on progress of cleanup activities and obligations/outlays of the EIRF

Unspecified Republican

-- Require annual reports on control of discharges and public health danger at NPL-listed and -eligible sites

IV. SUPERFUND TRUST FUND AMENDMENTS

Mr. Payne

-- Prohibit trust fund expenditures for EPA required removal and/or treatment of contaminated material at certain sites

Unspecified Republican

-- Require state matching grants if trust fund monies are used to finance CIAOs.

-- Amend trust fund provisions to prevent EPA from compelling cleanups of groundwater to levels cleaner than what is legally allowable to drink

-- Require public health assessments of facilities to be conducted prior to the listing of the facility on the NPL

V. MISCELLANEOUS

Mr. Rostenkowski

-- Allow tax credits and tax-exempt bond financing for cleanup of certain superfund sites

Possible Offsets: accelerate superfund tax payments; remove tax benefits for carbon dioxide produced as an ethanol by-product; gift loan compliance measure; add additional substances to imported taxable substances list

Mr. Jacobs & Mr. Matsui

-- Reinstate pre-1986 rules on contributions in aid of construction

Possible Offset: extend recovery period for water utility property

Mr. Andrews

-- Repeal the section 29 alternative fuels credit unrelated party rule

Possible Offset: Deny credits on coal gasification projects for a period sufficient to offset revenue loss

Mr. Jefferson

-- Change the definition of independent producer under the oil and gas rules to allow larger refinery operations to qualify

Possible Offset: Reduce the ethanol credit/excise tax exemptions by an amount sufficient to offset revenue loss

-- Add accident prevention/process safety management to the purposes for which grants may be made under the superfund law

Mr. Brewster

-- Add a $3 per barrel tax credit for existing marginal oil and gas wells (as redefined) and for all newly drilled wells

Possible Offset: Credit not available if average wellhead price in preceding calendar year exceeded $13.00 per barrel

DOCUMENT ATTRIBUTES
  • Authors
    Rostenkowski, Rep. Dan
    Jacobs, Rep. Andrew, Jr.
    Matsui, Rep. Robert T.
    Andrews, Rep. Michael A.
    Jefferson, Rep. William J.
    Brewster, Rep. Bill K.
  • Cross-Reference
    For a related news story, see 94 TNT 157-6.
  • Index Terms
    legislation, tax
    environmental taxes, hazardous substance superfund
  • Jurisdictions
  • Language
    English
  • Tax Analysts Document Number
    Doc 94-7546
  • Tax Analysts Electronic Citation
    94 TNT 158-57
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