PUBLIC LAW 99-499—OCT. 17, 1986
100 STAT. 1761
ij^ J
mate of the amount of taxes which will be collected under section 59A, this section, and sections 4661 and 4671 and Post, p. 1770; 26 credited to the Hazardous Substance Superfund during the use 4661, 4671. i;H period beginning January 1, 1987, and ending December 31, 1991. "(B) TERMINATION IF $6,650,000,000 CREDITED BEFORE JANUARY 1, 1992.—If the Secretary estimates under subparagraph (A) that more than $6,650,000,000 will be credited to the Fund before January 1, 1992, no tax shall be imposed under this section after the date on which (as estimated by the Secretary) $6,650,000,000 will be so credited to the Fund." (b) TECHNICAL AMENDMENT.—Section 303 of the C!omprehensive 42 USC 9653. Environmental Response, (Dompensation, and Liability Act of 1980 is hereby repealed. (c) EFFECTIVE DATE.—The amendments made by this section shall 26 USC 4611 note. take effect on January 1, 1987. SEC. 512. INCREASE IN TAX ON PETROLEUM.
(a) IN GENERAL.—Subsections (a) and (b) of section 4611 of the 26 USC 4611. Internal Revenue Code of 1986 (relating to environmental tax on petroleum) are each amended by striking out "of 0.79 cent a barrel" and inserting in lieu thereof "at the rate specified in subsection (c)". flt)) INCREASE IN TAX.—Section 4611 of such Code is amended by 26 USC 4611. redesignating subsections (c) and (d) as subsections (d) and (e), respectively, and by inserting after subsection (b) the following new subsection: "(c) RATE OF TAX.—
"(1) IN GENERAL.—Except as provided in paragraph (2), the rate of the taxes imposed by this section is 8.2 cents a barrel. "(2) IMPORTED PETROLEUM PRODUCTS.—The rate of the tax imposed by subsection (a)(2) shall be 11.7 cents a barrel." (c) ALLOWANCE
OF CREDIT FOR CRUDE OIL RETURNED TO PIPELINE.—
26 USC 4612.
Section 4612 of such Code (relating to definitions and special rules) is amended by redesignating subsection (c) as subsection (d) and by inserting after subsection (b) the following new subsection: "(c) CREDIT WHERE CRUDE OIL RETURNED TO PIPELINE.—Under
Regulations.
regulations prescribed by the Secretary, if an operator of a United States refinery— "(1) removes crude oil from a pipeline, and "(2) returns a portion of such crude oil into a stream of other crude oil in the same pipeline, there shall be allowed as a credit against the tax imposed by section 4611 to such operator an amount equal to the product of the rate of tax imposed by section 4611 on the crude oil so removed by such operator and the number of barrels of crude oil returned by such operator to such pipeline. Any crude oil so returned shall be treated for purposes of this subchapter as crude oil on which no tax has been imposed by section 4611." (d) EFFECTIVE DATE.—The amendments made by this section shall take effect on January 1, 1987.
26 USC 4611 note.
SEC. 513. CHANGES RELATING TO TAX ON CERTAIN CHEMICALS.
(a) INCREASE IN RATE OF TAX ON XYLENE.—The table contained in subsection (b) of section 4661 of the Internal Revenue (Dode of 1986 (relating to tax on certain chemicals) is amended by adding at the end thereof the following new sentence:
26 USC 4661.
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