Page:United States Statutes at Large Volume 100 Part 2.djvu/665
PUBLIC LAW 99-499—OCT. 17, 1986
100 STAT. 1767
agrees to be treated as the manufacturer, producer, or importer for purposes of subchapter B of chapter 38 of such Code. (C) EXCEPTION WHERE MANUFACTURER PAID TAX.—In the
case of any sale before January 1, 1987, of any intermediate hydrocarbon stream, the amendment made by subsection (g) shall not apply if the manufacturer, producer, or importer of such stream paid the tgix imposed by section 4661 with respect to such sale on all taxable chemicals contained in such stream.
26 USC prec. 4611-4612, prec. 4661-4662, prec. 4041, 4611 note. Imports and exports.
(D) REGISTRATION REQUIREMENTS.—Section 4662(b)(10XC)
of such Code (as added by subsection (g)) shall apply to exchanges made after December 31, 1986. SEC. 514. REPEAL OF POST-CLOSURE TAX AND TRUST FUND. (a) REPEAL OF TAX.—
(1) Subchapter C of chapter 38 of the Internal Revenue Code 26 USC 4681, of 1986 (relating to tax on hazardous wastes) is hereby repealed. 4682. (2) The table of subchapters for such chapter 38 is amended by striking out the item relatihg to subchapter C. (b) REPEAL OF TRUST FUND.—Section 232 of the Hazardous Sub- 42 USC 9641. stance Response Revenue Act of 1980 is hereby repealed. (c) EFFECTIVE DATE.—
(1) IN GENERAL.—The amendments made by this section shall take effect on October 1, 1983, (2) WAIVER OF STATUTE OF LIMITATIONS.—If on the date of the enactment of this Act (or at any time within 1 year after such date of enactment) refund or credit of any overpayment of tax resulting from the application of this section is barred by any law or rule of law, refund or credit of such overpayment shall, nevertheless, be made or allowed if claim therefor is filed before the date 1 year after the date of the enactment of this Act.
SEC. 515. TAX ON CERTAIN IMPORTED FROM TAXABLE CHEMICALS.
26 USC 4681 note. Claims.
(a) GENERAL RULE.—Chapter 38 of the Internal Revenue Code of 1986 is amended by adding after subchapter B the following new subchapter: "SUBCHAPTER C. Tax on O r t a i n Imported Substances. "Sec. 4671. Imposition of tax. "Sec. 4672. Definitions and special rules. "SEC. 4671. IMPOSITION OF TAX.
26 USC 4671.
"(a) GENERAL RULE.—There is hereby imposed a tax on any taxable substance sold or used by the importer thereof.
Imports and exports.
"(b) AMOUNT OF TAX.—
"(1) IN GENERAL.—Except as provided in paragraph (2), the amount of the tax imposed by subsection (a) with respect to any taxable substance shall be the amount of the tax which would have been imposed by section 4661 on the taxable chemicals used as materials in the manufacture or production of such substance if such taxable chemicals had been sold in the United States for use in the manufacture or production of such taxable substance. "(2) RATE WHERE IMPORTER DOES NOT FURNISH INFORMATION TO
SECRETARY.—If the importer does not furnish to the Secretary (at such time and in such manner as the Secretary shall pre-