Superfund Polluter Pays Restoration Act of 2014

To amend the Internal Revenue Code of 1986 to reinstate the financing for the Hazardous Substance Superfund, and for other purposes. 1. Short title This Act may be cited as the Superfund Polluter Pays Restoration Act of 2014 2. Extension and modification of Superfund excise taxes (a) Extension Subsection (e) of section 4611 (e) Application of hazardous substance superfund financing rate The Hazardous Substance Superfund financing rate under this section shall apply after December 31, 1986, and before January 1, 1996, and after the date that is 60 days after the date of the enactment of the Superfund Polluter Pays Restoration Act of 2014 . (b) Modification of Hazardous Substance Superfund financing rate (1) In general Section 4611(c)(2)(A) of such Code is amended by striking 9.7 cents 15.8 cents (2) Inflation adjustment Section 4611(c) of such Code is amended by adding at the end the following new paragraph: (3) Adjustment for inflation (A) In general In the case of any taxable year beginning after December 31, 2014, the amount under paragraph (2)(A) shall be increased by an amount equal to— (i) such amount, multiplied by (ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which such taxable year begins by substituting calendar year 2013 calendar year 1992 (B) Rounding If any increase determined under this paragraph is not a multiple of 0.1 cents, such increase shall be rounded to the next lowest multiple of 0.1 cents. . (c) Modification of rate of tax on certain chemicals Section 4661(b) of the Internal Revenue Code of 1986 is amended to read as follows: (b) Amount of tax (1) In general The amount of tax imposed by subsection (a) shall be determined in accordance with the following table: In the case of: The tax is the following amount per ton: Acetylene $11.00 Benzene 11.00 Butane 11.00 Butylene 11.00 Butadiene 11.00 Ethylene 11.00 Methane 7.77 Napthalene 11.00 Propylene 11.00 Toluene 11.00 Xylene 11.00 Ammonia 5.96 Antimony 10.05 Antimony trioxide 8.47 Arsenic 10.05 Arsenic trioxide 7.70 Barium sulfide 5.19 Bromine 10.05 Cadmium 10.05 Chlorine 6.10 Chromium 10.05 Chromite 3.43 Potassium dichromate 3.82 Sodium dichromate 4.22 Cobalt 10.05 Cupric sulfate 4.22 Cupric oxide 8.11 Cuprous oxide 8.96 Hydrochloric acid 0.65 Hydrogen fluoride 9.55 Lead oxide 9.35 Mercury 10.05 Nickel 10.05 Phosphorus 10.05 Stannous chloride 6.43 Stannic chloride 4.79 Zinc chloride 5.01 Zinc sulfate 4.29 Potassium hydroxide 0.50 Sodium hydroxide 0.63 Sulfuric acid 0.59 Nitric acid 0.54. (2) Adjustment for inflation (A) In general In the case of any taxable year beginning after December 31, 2014, each of the dollar amounts in the table in paragraph (1) shall be increased by an amount equal to— (i) such amount, multiplied by (ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which such taxable year begins by substituting calendar year 2013 calendar year 1992 (B) Rounding If any increase determined under this paragraph is not a multiple of $0.01, such increase shall be rounded to the next lowest multiple of $0.01. . (d) Effective date The amendments made by this section shall apply to oil and petroleum products received or entered during calendar quarters beginning more than 60 days after the date of the enactment of this Act. 3. Clarification of definition of crude oil for excise tax purposes (a) Definition of crude oil Paragraph (1) of section 4612(a) (1) Crude oil The term crude oil . (b) Effective date The amendment made by this section shall apply to oil and petroleum products received or entered during calendar quarters beginning more than 60 days after the date of the enactment of this Act. 4. Use of Hazardous Substance Superfund for cleanup (a) Availability of amounts Section 111 of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 ( 42 U.S.C. 9611 (1) in subsection (a) by striking For the purposes specified for the following purposes: The amount in the Hazardous Substance Superfund established under section 9507 of the Internal Revenue Code of 1986 shall be available, without further appropriation, to be used for the purposes specified in this section. The President shall use such amount for the following purposes: (2) in subsection (c)— (A) by striking Subject to such amounts as are provided in appropriations Acts, the The (B) in paragraph (12) by striking to the extent that such costs and 1994 (b) Amendment to the Internal Revenue Code Section 9507 (1) in subsection (c)(1)— (A) by striking , as provided in appropriations Acts, (B) by striking the Superfund Amendments and Reauthorization Act of 1986 the Superfund Polluter Pays Restoration Act of 2014 (2) in subsection (d)(3), by striking subparagraph (B) and redesignating subparagraph (C) as subparagraph (B).

Summary: Superfund Polluter Pays Restoration Act of 2014 - Amends the Internal Revenue Code to: (1) reinstate the Hazardous Substance Superfund financing rate beginning 60 days after enactment of this Act; (2) increase such rate from 9.7 cents to 15.8 cents per barrel of crude oil; (3) adjust for inflation in taxable years beginning after 2014 the $3.5 billion Superfund threshold after which no tax is imposed; (4) reinstate and increase the rates of tax on taxable chemicals; (5) modify the definition of &quot;crude oil&quot; to include any bitumen or bituminous mixture, any oil derived from such mixture (including oil derived from tar sands), and any oil derived form kerogen-bearing sources (including oil derived from oil shale); and (6) allow the use of the Superfund for environmental remediation without further appropriation.