OIL SPILL LIABILITY TRUST FUND TAX TO TAKE EFFECT ON JANUARY 1, 1990.

SEC. 7505. OIL SPILL LIABILITY TRUST FUND TAX TO TAKE EFFECT ON JANUARY 1, 1990. (a) Tax To Take Effect on January 1, 1990.— (1) In general.—Subsection (f) of section 4611 (relating to application of Oil Spill Liability Trust Fund financing rate) is amended to read as follows: “(f) Application of Oil Spill Liability Trust Fund Financing Rate.— “(1) In general.—Except as provided in paragraph (2), the Oil Spill Liability Trust Fund financing rate under subsection (c) shall apply after December 31, 1989, and before January 1, 1995. “(2) No tax if unobligated balance in fund exceeds «1,000,000,000.—The Oil Spill Liability Trust Fund financing rate shall not apply during any calendar quarter if the Secretary estimates that as of the close of the preceding calendar quarter the unobligated balance in the Oil Spill Liability Trust Fund exceeds $1,000,090,000.” (b) 5 Cent Rate of Tax.—Subparagraph (B) of section 4611(c)(2) is amended by striking “1.3 cents” and inserting “5 cents”. (c) Credit Against Oil Spill Tax for Excess Amounts in the Trans-Alaska Pipeline Liability Fund.—Subsection (d) of section 4612 is amended by adding at the end thereof the following new sentence: “The preceding sentence shall also apply to amounts paid by the taxpayer into the Trans-Alaska Pipeline Liability Fund to the extent of amounts transferred from such Fund into the Oil Spill Liability Trust Fund. Amounts may be transferred from the Trans-Alaska Pipeline Liability Fund into the Oil Spill Liability Trust Fund only to the extent the administrators of the Trans-Alaska Pipeline Liability Fund determine that such amounts are not needed to satisfy claims against such Fund.” (d) Oil Spill Liability Trust Fund To Be Operating Fund.— (1) In general.— For purposes of sections 8032(d) and 8033(c) of the Omnibus Budget Reconciliation Act of 1986, the commencement date is January 1, 1990. 103 STAT. 2364 (2) Conforming amendments.— (A) Section 9509 (relating to Oil Spill Liability Trust Fund) is amended by adding at the end thereof the following new subsection: “(f) References to Comprehensive Oil Pollution Liability and Compensation Act.—For purposes of this section, references to the Comprehensive Oil Pollution Liability and Compensation Act shall be treated as references to any law enacted before December 31, 1990, which is substantially identical to subtitle E of title VI, or subtitle D of title VIII, of H.R. 5300 of the 99th Congress as passed by the House of Representatives.” (B) Paragraph (3) of section 9509(b) is amended by striking “(on the 1st day the Oil Spill Liability Trust Fund financing rate under section 4611(c) applies)” and inserting “(on January 1, 1990)”. (C) Paragraph (1) of section 9509(c) is amended by striking the last sentence.