Superfund Equity and Megasite Remediation Act of 2007

Bill: 110-hr-1887
Sponsor: Rep. Hinchey, Maurice D. [D-NY-22]
Introduced: 2007-04-17 in the House
Policy area: Taxation
Subjects: Commerce
Congress
Congressional reporting requirements
Corporation taxes
Economics and Public Finance
Environmental Protection
Government trust funds
Hazardous wastes
Income tax
Law
Liability for environmental damages
Pollution taxes
Tax rates

Summary:
action_date: 2007-04-17
text: 
Superfund Equity and Megasite Remediation Act of 2007 - Amends the Internal Revenue Code to reinstate the Hazardous Substance Superfund financing rate and the corporate environmental income tax, except in certain calendar quarters in which the unobligated balance in the Hazardous Substance Superfund exceeds $5.7 billion. Provides for a 50% increase in the Hazardous Substance Superfund financing rate and the corporate environmental income tax between 2008 and 2013 to fund response actions at Superfund sites estimated to cost more than $50 million (megasites) or which pose high health risks.

Establishes the Megasites and High Risk Sites Cleanup Account in the Hazardous Substance Superfund. Transfers to such Account revenues resulting from the temporary 50% increase in the Hazardous Substance Superfund financing rate and the corporate environmental income tax.

Requires the Administrator of the Environmental Protection Agency (EPA) to report to Congress annually on the progress of response actions funded by the Hazardous Substance Superfund.


Legislative actions:
action_date: 2007-04-18
text: Referred to the Subcommittee on Environment and Hazardous Materials.
action_date: 2007-04-18
text: Referred to the Subcommittee on Water Resources and Environment.
action_date: 2007-04-17
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2007-04-17
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2007-04-17
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2007-04-17
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2007-04-17
text: Introduced in House
action_date: 2007-04-17
text: Introduced in House