Superfund Reinvestment Act

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Superfund Reinvestment Act''.

SEC. 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) is amended--
            (1) in subsection (a) by striking ``For the purposes 
        specified'' and all that follows through ``for the following 
        purposes:'' and inserting the following: ``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:''; and
            (2) in subsection (c)--
                    (A) by striking ``Subject to such amounts as are 
                provided in appropriations Acts, the'' each place it 
                appears and inserting ``The''; and
                    (B) in paragraph (12) by striking ``to the extent 
                that such costs'' and all that follows through ``and 
                1994''.
    (b) Amendment to the Internal Revenue Code.--Section 9507 of the 
Internal Revenue Code of 1986 is amended--
            (1) by striking ``appropriated to'' in subsection (a)(1) 
        and inserting ``made available for'';
            (2) by striking ``appropriated'' in subsection (b) and 
        inserting ``transferred'';
            (3) by striking ``, as provided in appropriations Acts,'' 
        in subsection (c)(1); and
            (4) by striking ``December 31, 1995'' in subsection 
        (d)(3)(B) and inserting ``December 31, 2024''.

SEC. 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 of the Internal Revenue Code of 1986--
            (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).

SEC. 4. MODIFICATION OF SUPERFUND TAXES.

    (a)  Hazardous Substance Superfund Financing Rate.--
            (1) Extension.--Subsection (e) of section 4611 of the 
        Internal Revenue Code of 1986 is amended to read as follows:
    ``(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 and before January 1, 2025.''.
            (2) Adjustment for inflation.--
                    (A) Section 4611(c)(2)(A) of such Code is amended 
                by striking ``9.7 cents'' and inserting ``16.3 cents''.
                    (B) Section 4611(c) of such Code is amended by 
                adding at the end the following:
            ``(3) Adjustment for inflation.--
                    ``(A) In general.--In the case of a year beginning 
                after 2016, the amount in 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, determined by substituting 
                        `calendar year 2015' for `calendar year 1992' 
                        in subparagraph (B) thereof.
                    ``(B) Rounding.--If any amount as adjusted under 
                subparagraph (A) is not a multiple of $0.01, such 
                amount shall be rounded to the next lowest multiple of 
                $0.01.''.
    (b) Adjustment of Excise Tax on Certain Chemicals for Inflation.--
Section 4661(b) of such Code is amended to read as follows:
    ``(b) Amount of Tax.--
            ``(1) In general.--The amount of the tax imposed by 
        subsection (a) shall be determined in accordance with the 
        following table:

------------------------------------------------------------------------
                                                      The tax is the
               ``In the case of:                   following amount per
                                                           ton:
------------------------------------------------------------------------
Acetylene                                                         $11.35
Benzene                                                            11.35
Butane                                                             11.35
Butylene                                                           11.35
Butadiene                                                          11.35
Ethylene                                                           11.35
Methane                                                             8.02
Naphthalene                                                        11.35
Propylene                                                          11.35
Toluene                                                            11.35
Xylene                                                             11.35
Ammonia                                                             6.15
Antimony                                                           10.37
Antimony trioxide                                                   8.74
Arsenic                                                            10.37
Arsenic trioxide                                                    7.95
Barium sulfide                                                      5.36
Bromine                                                            10.37
Cadmium                                                            10.37
Chlorine                                                            6.29
Chromium                                                           10.37
Chromite                                                            3.54
Potassium dichromate                                                3.94
Sodium dichromate                                                   4.36
Cobalt                                                             10.37
Cupric sulfate                                                      4.36
Cupric oxide                                                        8.37
Cuprous oxide                                                       9.25
Hydrochloric acid                                                   0.68
Hydrogen fluoride                                                   9.86
Lead oxide                                                          9.65
Mercury                                                            10.37
Nickel                                                             10.37
Phosphorus                                                         10.37
Stannous chloride                                                   6.64
Stannic chloride                                                    4.94
Zinc chloride                                                       5.17
Zinc sulfate                                                        4.43
Potassium hydroxide                                                 0.51
Sodium hydroxide                                                    0.65
Sulfuric acid                                                       0.61
Nitric acid                                                        0.56.
------------------------------------------------------------------------

            ``(2) Adjustment for inflation.--
                    ``(A) In general.--In the case of a calendar year 
                beginning after 2016, each of the 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, determined by substituting 
                        `calendar year 2015' for `calendar year 1992' 
                        in subparagraph (B) thereof.
                    ``(B) Rounding.--If any amount as adjusted under 
                subparagraph (A) is not a multiple of $0.01, such 
                amount shall be rounded to the next lowest multiple of 
                $0.01.''.
    (c) Corporate Environmental Income Tax Reinstated.--
            (1) In general.--Subchapter A of chapter 1 of the such Code 
        is amended by inserting after part VI the following:

                     ``PART VII--ENVIRONMENTAL TAX

``SEC. 59A. ENVIRONMENTAL TAX.

    ``(a) Imposition of Tax.--In the case of a corporation, there is 
hereby imposed (in addition to any other tax imposed by this subtitle) 
a tax equal to 0.12 percent of the excess of--
            ``(1) the modified alternative minimum taxable income of 
        such corporation for the taxable year, over
            ``(2) $3,735,000.
    ``(b) Modified Alternative Minimum Taxable Income.--For purposes of 
this section, the term `modified alternative minimum taxable income' 
means alternative minimum taxable income (as defined in section 
55(b)(2)) but determined without regard to--
            ``(1) the alternative tax net operating loss deduction (as 
        defined in section 56(d)), and
            ``(2) the deduction allowed under section 164(a)(5).
    ``(c) Exception for RICs and REITs.--The tax imposed by subsection 
(a) shall not apply to--
            ``(1) a regulated investment company to which part I of 
        subchapter M applies, and
            ``(2) a real estate investment trust to which part II of 
        subchapter M applies.
    ``(d) Special Rules.--
            ``(1) Short taxable years.--The application of this section 
        to taxable years of less than 12 months shall be in accordance 
        with regulations prescribed by the Secretary.
            ``(2) Section 15 not to apply.--Section 15 shall not apply 
        to the tax imposed by this section.
    ``(e) Adjustment for Inflation.--
            ``(1) In general.--In the case of a taxable year beginning 
        after 2016, the dollar amount in subsection (a)(2) shall be 
        increased by an amount equal to--
                    ``(A) such amount, multiplied by
                    ``(B) the cost-of-living adjustment determined 
                under section 1(f)(3) for the calendar year in which 
                the taxable year begins, determined by substituting 
                `calendar year 2015' for `calendar year 1992' in 
                subparagraph (B) thereof.
            ``(2) Rounding.--If any amount as adjusted under 
        subparagraph (A) is not a multiple of $1,000, such amount shall 
        be rounded to the next lowest multiple of $1,000.
    ``(f) Application of Tax.--The tax imposed by this section shall 
apply to taxable years ending after the date of the enactment of the 
Superfund Reinvestment Act and beginning before January 1, 2025.''.
            (2) Conforming amendments.--
                    (A) Paragraph (2) of section 26(b) of such Code is 
                amended by inserting after subparagraph (A) the 
                following:
                    ``(B) section 59A (relating to environmental 
                tax),''.
                    (B) Section 30A(c) of such Code is amended by 
                redesignating paragraphs (1), (2), and (3) as 
                paragraphs (2), (3), and (4), respectively, and by 
                inserting before paragraph (2) (as so redesignated) the 
                following:
            ``(1) section 59A (relating to environmental tax),''.
                    (C) Subsection (a) of section 164 of such Code is 
                amended by inserting after paragraph (4) the following:
            ``(5) The environmental tax imposed by section 59A.''.
                    (D) Section 275(a) of such Code is amended by 
                inserting at the end the following flush sentence: 
                ``Paragraph (1) shall not apply to the tax imposed by 
                section 59A.''.
                    (E) Section 882(a)(1) of such Code is amended by 
                inserting ``59A,'' after ``55,''.
                    (F) Section 1561(a) of such Code is amended--
                            (i) by striking ``and'' at the end of 
                        paragraph (2),
                            (ii) by striking the period at the end of 
                        paragraph (3) and inserting ``, and'',
                            (iii) by inserting after paragraph (3) the 
                        following:
            ``(4) one dollar amount in effect under section 59A(a)(2) 
        for the taxable year for purposes of computing the tax imposed 
        by section 59A.'', and
                            (iv) by striking ``and the amount specified 
                        in paragraph (3)'' and inserting ``, the amount 
                        specified in paragraph (3), and the amount 
                        specified in paragraph (4)''.
                    (G) Section 6425(c)(1)(A) of such Code is amended 
                by striking ``plus'' at end of clause (i), by inserting 
                ``plus'' at the end of clause (ii), and by inserting 
                after clause (ii) the following:
                            ``(iii) the tax imposed by section 59A, 
                        over''.
                    (H) Section 6655 of such Code is amended--
                            (i) in subsections (e)(2)(A)(i) and 
                        (e)(2)(B)(i), by striking ``taxable income and 
                        alternative minimum taxable income'' and 
                        inserting ``taxable income, alternative minimum 
                        taxable income, and modified alternative 
                        minimum taxable income'',
                            (ii) in subsection (e)(2)(B), by inserting 
                        after clause (ii) the following:
                            ``(iii) Modified alternative minimum 
                        taxable income.--The term `modified alternative 
                        minimum taxable income' has the meaning given 
                        to such term by section 59A(b).'', and
                            (iii) in subsection (g)(1)(A), by striking 
                        ``plus'' at the end of clause (ii), by 
                        redesignating clause (iii) as clause (iv) and 
                        by inserting after clause (ii) the following:
                            ``(iii) the tax imposed by section 59A, 
                        plus''.
                    (I) Section 9507(b)(1) of such Code is amended by 
                inserting ``59A,'' before ``4611''.
            (3) Clerical amendment.--The table of parts for subchapter 
        A of chapter 1 of such Code is amended by inserting after the 
        item relating to part VI the following new item:

                    ``Part VII. Environmental Tax''.

    (d) Clarification of Tar Sands as Crude Oil for Excise Tax 
Purposes.--
            (1) In general.--Section 4612(a)(1) of such Code is amended 
        to read as follows:
            ``(1) Crude oil.--The term `crude oil' includes crude oil 
        condensates, natural gasoline, any bitumen or bituminous 
        mixture, any oil derived from a bitumen or bituminous mixture 
        (including oil derived from tar sands), and any oil derived 
        from kerogen-bearing sources (including oil derived from oil 
        shale).''.
            (2) Technical amendment.--Section 4612(a)(2) of such Code 
        is amended by striking ``from a well located''.
    (e) Technical Amendments.--
            (1) Subsection (b) of section 4611 of such Code is 
        amended--
                    (A) by striking ``or exported from'' in paragraph 
                (1)(A);
                    (B) by striking ``or exportation'' in paragraph 
                (1)(B); and
                    (C) by striking ``and Exportation'' in the heading 
                thereof.
            (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'' and inserting ``the crude oil''; and
                    (B) by striking ``or exports'' in the heading 
                thereof.
    (f) Effective Date.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall apply to oil and 
        petroleum products received or entered during calendar quarters 
        beginning after December 31, 2015.
            (2) Corporate environmental income tax.--The amendment made 
        by section 4(c) shall apply to taxable years beginning after 
        December 31, 2015.

SEC. 5. APPLICABILITY.

    (a) In General.--Except as provided in section 4(f), this Act 
(including the amendments made by this Act) shall apply to fiscal years 
beginning after September 30, 2015.

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: (1) reinstate through December 31, 2024 and adjust for inflation annually after 2016, the Hazardous Substance Superfund financing rate and the corporate environmental income tax threshold amount; (2) extend the borrowing authority of the Superfund through 2024; and (3) modify the definition of &quot;crude oil&quot; for purposes of the excise tax on petroleum and petroleum products to include any bitumen or bituminous mixture, any oil derived from a bitumen or bituminous mixture (tar sands), and any oil derived from kerogen-bearing sources (oil shale).