Full Text: List Of Possible Tax Amendments To Superfund Legislation.
Full Text: List Of Possible Tax Amendments To Superfund Legislation.
- AuthorsRostenkowski, Rep. DanJacobs, Rep. Andrew, Jr.Matsui, Rep. Robert T.Andrews, Rep. Michael A.Jefferson, Rep. William J.Brewster, Rep. Bill K.
- Cross-ReferenceFor a related news story, see 94 TNT 157-6.
- Index Termslegislation, taxenvironmental taxes, hazardous substance superfund
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 94-7546
- Tax Analysts Electronic Citation94 TNT 158-57
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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
- AuthorsRostenkowski, Rep. DanJacobs, Rep. Andrew, Jr.Matsui, Rep. Robert T.Andrews, Rep. Michael A.Jefferson, Rep. William J.Brewster, Rep. Bill K.
- Cross-ReferenceFor a related news story, see 94 TNT 157-6.
- Index Termslegislation, taxenvironmental taxes, hazardous substance superfund
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 94-7546
- Tax Analysts Electronic Citation94 TNT 158-57