703
‘‘(b) REGULATIONS.—The Secretary shall
prescribe such regulations as may be appro-
priate to carry out the purposes of this sub-
chapter, including such regulations as may be
appropriate to prevent the avoidance of any
tax or assessment imposed by this subchapter.’’
(b) CLERICAL AMENDMENT.—The table of
subchapters for chapter 38 of such Code is
amended by adding at the end the following
new item:
‘‘Subchapter E. Environmental insurance resolution
taxes.’’
(c) STUDY OF FINANCING.—During 2003, the
Secretary of the Treasury or his delegate shall
prepare and submit to the Committee on Ways
and Means of the House of Representatives
and the Committee on Finance of the Senate
a study of the financing for the Environmental
Insurance Resolution Fund, including in such
study any recommendations that the Secretary
may have with respect to such financing.
SEC. 
902. 
ENVIRONMENTAL 
INSURANCE 
RESOLUTION
TRUST FUND.
(a) IN GENERAL.—Subchapter A of chapter
98 of the Internal Revenue Code of 1986 (relat-
704
ing to trust fund code) is amended by adding
at the end the following new section:
‘‘SEC. 9513. ENVIRONMENTAL INSURANCE RESOLUTION
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 ‘Envi-
ronmental Insurance Resolution Trust Fund’,
consisting of such amounts as may be appro-
priated or credited to such Trust Fund as pro-
vided in this section or section 9602(b).
‘‘(b) TRANSFERS TO TRUST FUND.—There are
hereby appropriated to the Environmental In-
surance 
Resolution 
Trust 
Fund 
amounts
equivalent to—
‘‘(1) the taxes received in the Treasury
under subchapter E of chapter 38 (relat-
ing to environmental insurance resolution
taxes), and
‘‘(2) amounts recovered by, and fees
paid to, the Environmental Insurance
Resolution Fund under title VIII of the
Superfund Reform Act of 1994.
‘‘(c) EXPENDITURES FROM TRUST FUND.—
Amounts in the Environmental Insurance Res-
705
olution Trust Fund shall be available for pur-
poses of making expenditures to carry out title
VIII of the Superfund Reform Act of 1994 (as
in effect on the date of the enactment of such
Act) and only for such purposes.
‘‘(d) LIABILITY OF UNITED STATES LIMITED
TO AMOUNT IN TRUST FUND.—
‘‘(1) IN GENERAL.—Any expenditure or
obligation incurred by the Environmental
Insurance Resolution Fund may be paid
only out of the Environmental Insurance
Resolution Trust Fund.
‘‘(2) COORDINATION WITH OTHER PROVI-
SIONS.—Nothing in the Superfund Reform
Act of 1994 or in any other provision of
law shall authorize the payment by the
United States Government of any amount
with respect to any such expenditure or
obligation out of any source other than
the Environmental Insurance Resolution
Trust Fund, and the United States Gov-
ernment shall not be liable for any such
expenditure or obligation to the extent not
paid from such Trust Fund.
706
‘‘(3) FINAL
YEAR.—If, as of December
31, 2004, the Secretary estimates that the
Environmental 
Insurance 
Resolution
Trust Fund has insufficient funds to pay
all of the amounts payable out of the such
Trust Fund, amounts payable out of such
Trust Fund after such date shall be pro-
portionately reduced to reflect such insuf-
ficiency.’’.
(b) CLERICAL AMENDMENT.—The table of
sections for such subchapter A is amended by
adding at the end thereof the following new
item:
‘‘Sec. 9513. Environmental Insurance Resolution
Trust Fund.’’
SEC. 903. EXEMPTION FROM INCOME TAX FOR ENVIRON-
MENTAL INSURANCE RESOLUTION FUND.
Subsection (l) of section 501 of the Internal
Revenue Code of 1986 (relating to exemption
from tax on corporations, certain trusts, etc.)
is amended by adding at the end the following
new paragraph:
‘‘(4) The Environmental Insurance
Resolution Fund established by section
803 of the Superfund Reform Act of 1994.’’.
707
SEC. 904. EFFECTIVE DATES.
(a) IN GENERAL.—Except as otherwise pro-
vided in this section, the amendments made by
this subtitle shall take effect on January 1,
1995.
(b) CURRENT YEAR PREMIUMS.—The amend-
ments made by this subtitle to the extent relat-
ed to section 4695 of the Internal Revenue Code
of 1986, as added by such amendments, shall
apply to premiums written after December 31,
1994.
(c) CONTINGENCY PERIOD.—
(1) 
IN
GENERAL.—The 
amendments
made by this subtitle (other than section
903) shall not take effect unless, as of Au-
gust 15, 1995—
(A) title VIII of this Act is in effect,
and
(B) the contingency period has ex-
pired.
(2) DELAY IN DUE DATE FOR TAXES.—If
the due date for any tax imposed by sub-
chapter E of chapter 38 of the Internal
Revenue Code of 1986 would, but for this
paragraph, be on or before the close of the
contingency period, such due date shall be