Mayflower Oil Spill Tax Relief Act of 2013

Bill: 113-s-1350
Sponsor: full_name: Sen. Boozman, John [R-AR]
Introduced: 2013-07-24
Policy area: Taxation
Subjects: Accidents

Arkansas

Disaster relief and insurance

Income tax exclusion

Oil and gas

Pipelines

Pollution liability
Latest action: action_date: 2013-07-24
text: Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S5909)

Summaries:
action_date: 2013-07-24
action_desc: Introduced in Senate
text: <p>Mayflower Oil Spill Tax Relief Act of 2013 - Excludes from gross income, for income tax purposes, any compensation provided to or for the benefit of a victim of the pipeline rupture and oil spill in Mayflower, Arkansas, on March 29, 2013.</p>

tv_txt: II 113th CONGRESS 1st Session S. 1350 IN THE SENATE OF THE UNITED STATES July 24, 2013 Mr. Boozman (for himself and Mr. Pryor ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To exclude from gross income compensation provided for victims of the March 29, 2013, pipeline oil spill in Mayflower, Arkansas.

1. Short title This Act may be cited as the Mayflower Oil Spill Tax Relief Act of 2013 . 2. Mayflower, Arkansas, oil spill compensation excluded from gross income For purposes of the Internal Revenue Code of 1986— (1) the March 29, 2013, pipeline rupture and oil spill in Mayflower, Arkansas, shall be treated as a qualified disaster under section 139(c) of such Code, and (2) any compensation provided to or for the benefit of a victim of such disaster shall be treated as a qualified disaster relief payment under section 139(b) of such Code.