Superfund Reinvestment Act

To provide for the use of funds in the Hazardous Substance Superfund for the purposes for which they were collected, to ensure adequate resources for the cleanup of hazardous substances under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, and for other purposes. 1. Short title This Act may be cited as the Superfund Reinvestment Act 2. 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 (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) by striking appropriated to made available for (2) by striking appropriated transferred (3) by striking , as provided in appropriations Acts, (4) by striking December 31, 1995 December 31, 2023 3. Budgetary treatment of Hazardous Substance Superfund Notwithstanding any other provision of law, the receipts and disbursements of the Hazardous Substance Superfund established in section 9507 (1) shall not be counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of— (A) the budget of the United States Government as submitted by the President; (B) the congressional budget (including allocations of budget authority and outlays provided therein); (C) the Balanced Budget and Emergency Deficit Control Act of 1985; or (D) the Statutory Pay-As-You-Go Act of 2010; (2) shall be exempt from any general budget limitation imposed by statute on expenditures and net lending (budget outlays) of the United States Government; and (3) shall be available only for the purposes specified in section 111 of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 ( 42 U.S.C. 9611 4. Extension of Superfund taxes (a) Excise taxes 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 of the enactment of the Superfund Reinvestment Act . (b) Corporate environmental income tax Subsection (e) of section 59A of such Code is amended to read as follows: (e) Application of tax The tax imposed by this section shall apply to taxable years beginning after December 31, 1986, and before January 1, 1996, and to taxable years beginning after the date of the enactment of the Superfund Reinvestment Act . (c) Technical amendments (1) Subsection (b) of section 4611 of such Code is amended— (A) by striking or exported from (B) by striking or exportation (C) by striking and exportation (2) Paragraph (3) of section 4611(d) of such Code is amended— (A) by striking or exporting the crude oil, as the case may be the crude oil (B) by striking or exports 5. Applicability (a) In general Except as provided in subsections (b) and (c), this Act (including the amendments made by this Act) shall apply to fiscal years beginning after September 30, 2014. (b) Excise taxes The amendments made by sections 4(a) and 4(c) shall take effect on the date of the enactment of this Act. (c) Income tax The amendment made by section 4(b) shall apply to taxable years beginning after the date of the enactment of this Act.

Summary: Superfund Reinvestment Act - Amends the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) to authorize the use of amounts in the Hazardous Substance Superfund for environmental cleanup costs authorized by such Act. Provides that receipts and disbursements of the Hazardous Substance Superfund: (1) shall not be counted as new budget authority, outlays, receipts, or deficit or surplus, for purposes of the President's budget, the congressional budget, the Balanced Budget and Emergency Deficit Control Act of 1985, or the Statutory Pay-As-You-Go Act of 2010; (2) shall be exempt from any general budget limitations; and (3) shall be available only for the purposes specified in CERCLA. Amends the Internal Revenue Code to reinstate through December 31, 2023, the Hazardous Substance Superfund financing rate and the corporate environmental income tax and extend the borrowing authority of the Superfund through 2023.