Oil Spill Tax Fairness Act

Bill: 113-s-599
Sponsor: full_name: Sen. Nelson, Bill [D-FL]
Introduced: 2013-03-18
Policy area: Taxation
Subjects: Income tax deductions

Marine pollution

Oil and gas

Pollution liability
Latest action: action_date: 2013-03-18
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2013-03-18
action_desc: Introduced in Senate
text: <p>Oil Spill Tax Fairness Act - Amends the Internal Revenue Code to deny a tax deduction for business-related expenses paid or incurred by a responsible party relating to an incident resulting in the discharge of oil into the navigable waters, other than an incident caused by an act of God or an act of war.</p>

tv_txt: II 113th CONGRESS 1st Session S. 599 IN THE SENATE OF THE UNITED STATES March 18, 2013 Mr. Nelson (for himself and Mrs. Feinstein ) 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 disallow a deduction for amounts paid or incurred by a responsible party relating to a discharge of oil.

1. Short title This Act may be cited as the Oil Spill Tax Fairness Act . 2. Denial of deduction for amounts paid or incurred by a responsible party (a) In general Section 162 of the Internal Revenue Code of 1986 is amended by redesignating subsection (q) as subsection (r) and by inserting after subsection (p) the following new subsection: (q) Certain expenses of a responsible party (1) In general No deduction shall be allowed under subsection (a) for any amount paid or incurred by a responsible party relating to any incident resulting in the discharge of oil into the navigable waters, other than an incident caused by an act of God or an act of war. (2) Definitions Any term used in paragraph (1) which is also used in the Oil Pollution Act of 1990 shall have the meaning given such term by such Act. . (b) Effective date The amendment made by this section shall apply to returns of tax the due date of which (including extensions of time) is after the date of the enactment of this Act.