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S. 2364 - Save Our Seas 2.0: Enhancing the Domestic Marine Debris Response Act

JUL. 31, 2019

S. 2364; Save Our Seas 2.0: Enhancing the Domestic Marine Debris Response Act

DATED JUL. 31, 2019
DOCUMENT ATTRIBUTES
  • Authors
    Sullivan, Sen. Dan
  • Institutional Authors
    U.S. Senate
  • Subject Area/Tax Topics
  • Jurisdictions
  • Tax Analysts Document Number
    2019-31087
  • Tax Analysts Electronic Citation
    2019 TNTF 157-29
Citations: S. 2364; Save Our Seas 2.0: Enhancing the Domestic Marine Debris Response Act
[Editor's Note:

Asterisks indicate omitted text.

]

116TH CONGRESS
1ST SESSION

S. 2364

To enhance domestic marine debris response, and for other purposes.

IN THE SENATE OF THE UNITED STATES

JULY 31, 2019

Mr. SULLIVAN (for himself, Mr. WHITEHOUSE, Mr. MENENDEZ,
Ms. COLLINS, Mr. BOOKER, Mr. COONS, Mr. BLUMENTHAL, and Mr. MURPHY)
introduced the following bill; which was read twice and referred
to the Committee on Commerce, Science, and Transportation

A BILL

To enhance domestic marine debris response, and for other purposes.

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 "Save Our Seas 2.0: Enhancing the Domestic Marine Debris Response Act".

* * *

TITLE I — MARINE DEBRIS RESPONSE TRUST FUND

SEC. 101. MARINE DEBRIS RESPONSE TRUST FUND.

(a) IN GENERAL. — Subchapter A of chapter 98 of the Internal Revenue Code of 1986 is amended by adding at the end the following:

"SEC. 9512. MARINE DEBRIS RESPONSE TRUST FUND.

"(a) CREATION OF TRUST FUND. — There is established in the Treasury of the United States a trust fund to be known as the 'Marine Debris Response Trust Fund', consisting of such amounts as may be appropriated or credited to the Trust Fund as provided in this section.

"(b) PURPOSES OF TRUST FUND. —

"(1) IN GENERAL. — Amounts in the Marine Debris Response Trust Fund shall be available for the National Oceanic and Atmospheric Administration to respond to a marine debris event described in paragraph (2), which may include —

"(A) monitoring, response, and prevention;

"(B) providing funding to States, territories, Indian Tribes, and other United States Government and nongovernmental organizations supporting prevention, cleanup, and response efforts; or

"(C) administrative costs relating to distributing amounts from the Marine Debris Response Trust Fund.

"(2) MARINE DEBRIS EVENT DESCRIBED. — A marine debris event described in this paragraph is an event that affects or may affect the United States involving —

"(A) marine debris caused by a natural event, including a tsunami, flood, landslide, hurricane, or other natural source;

"(B) distinct, nonrecurring marine debris, including derelict vessel groundings and container spills, that have immediate or long-term impacts on habitats with high ecological, economic, or human-use values; or

"(C) marine debris caused by an intentional or grossly negligent act or acts that causes substantial economic or environmental harm.

"(c) LIMITATIONS ON EXPENDITURES. —

"(1) MAXIMUM PER EVENT. — The maximum amount that may be paid from the Marine Debris Response Trust Fund with respect to any single event may not exceed $100,000,000.

"(2) MINIMUM BALANCE. — A payment may be made from the Marine Debris Response Trust Fund only if the amount in the Marine Debris Response Trust Fund after the payment will not be less than $1,000,000.

"(3) MAXIMUM BALANCE. — Amounts in the Marine Debris Response Trust Fund may not exceed $500,000,000.

"(d) INITIAL FUNDING. — There are authorized to be appropriated to the Marine Debris Response Trust Fund $2,000,000 for fiscal year 2020 to establish the Marine Debris Response Trust Fund.

"(e) AUTHORITY TO BORROW. —

"(1) IN GENERAL. — There are authorized to be appropriated to the Marine Debris Response Trust Fund, as repayable advances, such sums as may be necessary to carry out the purposes of the Marine Debris Response Trust Fund.

"(2) LIMITATION ON AMOUNT OUTSTANDING. — The maximum aggregate amount of repayable advances to the Marine Debris Response Trust Fund outstanding at any one time may not exceed $1,000,000.

"(3) REPAYMENT OF ADVANCES. —

"(A) IN GENERAL. — Advances made to the Marine Debris Response Trust Fund shall be repaid, and interest on such advances shall be paid, to the general fund of the Treasury when the Secretary of Commerce, in consultation with the Secretary of the Treasury, determines that amounts are available for such purposes in the Marine Debris Response Trust Fund.

"(B) FINAL REPAYMENT. — No advance may be made to the Marine Debris Response Trust Fund after September 30, 2035, and all advances to such Fund shall be repaid on or before that date.

"(C) RATE OF INTEREST. — Interest on advances made pursuant to this subsection shall be —

"(i) at a rate determined by the Secretary of the Treasury (as of the close of the calendar month preceding the month in which the advance is made) to be equal to the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the anticipated period during which the advance will be outstanding, and

"(ii) compounded annually.

"(f) AVAILABILITY OF FUNDS. — Amounts in the Marine Debris Response Trust Fund shall—

"(1) be available without fiscal year limitation and without apportionment; and

"(2) shall supplement and not supplant other amounts available for responding to marine debris events.

"(g) INVESTMENT. — The Secretary of the Treasury shall invest amounts in the Marine Debris Response Trust Fund in interest bearing obligations of the United States to the extent such amounts are not required to meet current withdrawals. Interest earned by such investments shall be credited to, and become a part of, the Marine Debris Response Trust Fund.

"(h) ADMINISTRATION. — The Under Secretary of Commerce for Oceans and Atmosphere shall prescribe regulations —

"(1) providing for a process for submitting a claim to the Marine Debris Response Trust Fund and for distributing amounts from the Marine Debris Response Trust Fund pursuant to those claims; and

"(2) providing guidance with respect to what constitutes an event for which amounts will be distributed from the Marine Debris Response Trust Fund.

"(i) LIABILITY OF THE UNITED STATES LIMITED TO AMOUNT IN TRUST FUND. —

"(1) IN GENERAL. — Any claim filed against the Marine Debris Response Trust Fund may be paid only out of the Marine Debris Response Trust Fund.

"(2) ORDER IN WHICH UNPAID CLAIMS ARE TO BE PAID. — If at any time the Marine Debris Response Trust Fund has insufficient funds to pay all of the claims out of the Marine Debris Response Trust Fund at such time, such claims shall, to the extent permitted under paragraph (1), be paid in full in the order in which they were finally determined.

"(j) NON-FEDERAL CONTRIBUTIONS TO THE TRUST FUND. —

"(1) IN GENERAL. — A gift, award, devise, or bequest, and non-Federal amounts from legal judgments or settlements may be accepted by the Marine Debris Response Trust Fund without regard to whether the gift, devise, or bequest is encumbered, restricted, or subject to beneficial interests of private persons if any current or future interest in the gift, devise, or bequest is for the benefit of the Marine Debris Response Trust Fund.

"(2) FOREIGN GIFTS. — Any gifts, awards, devises, or bequests given to or received from a person in a foreign country by or to the Marine Debris Response Trust Fund shall be made only with the concurrence of the Secretary of State, in consultation, as appropriate, with the Administrator of the United States Agency for International Development.".

(b) CLERICAL AMENDMENT. — The table of sections for subchapter A of chapter 98 of such Code is amended by adding at the end the following:

"Sec. 9512. Marine Debris Response Trust Fund.".

* * *

DOCUMENT ATTRIBUTES
  • Authors
    Sullivan, Sen. Dan
  • Institutional Authors
    U.S. Senate
  • Subject Area/Tax Topics
  • Jurisdictions
  • Tax Analysts Document Number
    2019-31087
  • Tax Analysts Electronic Citation
    2019 TNTF 157-29
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