Big Oil Bailout Prevention Trust Fund Act of 2020

Bill: 116-s-5080
Sponsor: full_name: Sen. Menendez, Robert [D-NJ]
Introduced: 2020-12-21
Policy area: Environmental Protection
Subjects: Accidents

Administrative law and regulatory procedures

Budget process

Government trust funds

Marine and coastal resources, fisheries

Marine pollution

Oil and gas

Pollution liability

State and local finance

Taxation

Water quality
Latest action: action_date: 2020-12-21
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2020-12-21
action_desc: Introduced in Senate
text: <p><b>Big Oil Bailout Prevention Trust Fund Act of 2020</b></p> <p>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.</p> <p>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.</p>

tv_txt: II 116th CONGRESS 2d Session S. 5080 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.

1. Short title This Act may be cited as the Big Oil Bailout Prevention Trust Fund Act of 2020 . 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 . 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. . 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.