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[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6413 Introduced in House (IH)]

<DOC>

114th CONGRESS
  2d Session
                                H. R. 6413

To amend the Internal Revenue Code of 1986 to require oil polluters to 
        pay the full cost of oil spills, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                           November 30, 2016

 Mr. Pallone introduced the following bill; which was referred to the 
Committee on Transportation and Infrastructure, and in addition to the 
   Committees on the Budget, and Ways and Means, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
  of such provisions as fall within the jurisdiction of the committee 
                               concerned

_______________________________________________________________________

                                 A BILL

 
To amend the Internal Revenue Code of 1986 to require oil polluters to 
        pay the full cost of oil spills, 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 ``Big Oil Bailout Prevention Trust 
Fund Act of 2016''.

SEC. 2. OIL SPILL LIABILITY TRUST FUND.

    (a) Limitations on Expenditures and Authority To Borrow.--Section 
9509 of the Internal Revenue Code of 1986 is amended--
            (1) in subsection (c)--
                    (A) by striking paragraph (2),
                    (B) by striking ``Expenditures'' and all that 
                follows through ``Amounts in'' and inserting 
                ``Expenditures.--Amounts in'', and
                    (C) by redesignating subparagraphs (A) through (F) 
                as paragraphs (1) through (6), respectively, and moving 
                such paragraphs (as so redesignated) 2 ems to the left,
            (2) in subsection (d)--
                    (A) by striking paragraph (2),
                    (B) by redesignating paragraph (3) as paragraph 
                (2), and
                    (C) in paragraph (2) (as so redesignated)--
                            (i) by striking subparagraph (B), and
                            (ii) by redesignating subparagraph (C) as 
                        subparagraph (B), and
            (3) in subsection (e)--
                    (A) by striking ``(or is unable by reason of 
                subsection (c)(2))'', and
                    (B) by striking ``and such subsection''.

SEC. 3. ADVANCE PAYMENTS.

    Section 1012 of the Oil Pollution Act of 1990 (33 U.S.C. 2712) is 
amended by adding at the end the following:
    ``(m) Advance Payments.--The President shall promulgate regulations 
that allow advance payments to be made from the Fund to States and 
political subdivisions of States for actions taken to prepare for and 
mitigate substantial threats from the discharge of oil.''.

SEC. 4. BUDGETARY EFFECTS.

    The budgetary effects of this Act, for the purpose of complying 
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by 
reference to the latest statement titled ``Budgetary Effects of PAYGO 
Legislation'' for this Act, submitted for printing in the Congressional 
Record by the Chairman of the Committee on the Budget of the House of 
Representatives, provided that such statement has been submitted before 
the vote on passage.
                                 <all>
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