Superfund Reinvestment Act

Bill: 116-hr-4088
Sponsor: Rep. Blumenauer, Earl [D-OR-3]
Introduced: 2019-07-26 in the House
Policy area: Taxation
Subjects: Budget deficits and national debt
Corporate finance and management
Government trust funds
Hazardous wastes and toxic substances
Income tax rates
Inflation and prices
Oil and gas
Pollution liability
Sales and excise taxes

Summary:
action_date: 2019-07-26
text: 

Superfund Reinvestment Act

 
 This bill authorizes the use of amounts in the Hazardous Substance Superfund for environmental cleanup costs under the Superfund program (which provides funding to clean up sites contaminated with hazardous substances).
 
Receipts and disbursements of the Hazardous Substance Superfund must (1) not be counted 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) be exempt from general budget limitations imposed by statute on expenditures and net lending; and (3) be available only for the purposes specified under Superfund. 
 
This bill amends the Internal Revenue Code to (1) reinstate through 2028, and adjust for inflation annually after 2020, the Hazardous Substance Superfund financing rate and the corporate environmental income tax threshold amount; (2) extend the borrowing authority of the Superfund through 2028; and (3) modify the definition of 
crude oil
 for purposes of the excise tax on petroleum and petroleum products to include a bitumen or bituminous mixture (e.g., tar sands), oil derived from a bitumen or bituminous mixture, and oil derived from kerogen-bearing sources (e.g., shale oil). 


Legislative actions:
action_date: 2019-07-29
text: Referred to the Subcommittee on Environment and Climate Change.
action_date: 2019-07-29
text: Referred to the Subcommittee on Water Resources and Environment.
action_date: 2019-07-26
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Transportation and Infrastructure, Energy and Commerce, and the Budget, 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: 2019-07-26
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Transportation and Infrastructure, Energy and Commerce, and the Budget, 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: 2019-07-26
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Transportation and Infrastructure, Energy and Commerce, and the Budget, 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: 2019-07-26
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Transportation and Infrastructure, Energy and Commerce, and the Budget, 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: 2019-07-26
text: Introduced in House
action_date: 2019-07-26
text: Introduced in House