Title: Big Oil Bailout Prevention Trust Fund Act of 2020
Policy area: Environmental Protection

Summary:
Big Oil Bailout Prevention Trust Fund Act of 2020
This bill eliminates (1) the $1 billion per incident limitation on expenditures from the Oil Spill Liability Trust Fund for cleanup of oil spills, (2) the $500 million per incident limitation on expenditures from the trust fund for natural resource damage assessments and claims in connection with oil spills, and (3) the limitation on the borrowing authority of the trust fund.
The bill also directs the President to promulgate regulations to allow advance payments from the Oil Spill Liability Trust Fund to states and localities to prepare for and mitigate substantial threats from the discharge of oil.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 5080 Introduced in Senate (IS)]

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116th CONGRESS
  2d Session
                                S. 5080

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 SENATE OF THE UNITED STATES

                           December 21, 2020

 Mr. Menendez (for himself, Mr. Booker, Mr. Blumenthal, Mr. Reed, Mr. 
  Markey, Ms. Klobuchar, Mrs. Feinstein, Mr. Merkley, Mr. Durbin, and 
 Mrs. Gillibrand) introduced the following bill; which was read twice 
                and referred to the Committee on Finance

_______________________________________________________________________

                                 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 2020''.

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 
                indenting appropriately;
            (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)(3)--
                    (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 Senate Budget Committee, provided that 
such statement has been submitted prior to the vote on passage.
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