AMENDMENTS RELATED TO SUPERFUND REVENUE ACT OF 1986.

SEC. 2001. AMENDMENTS RELATED TO SUPERFUND REVENUE ACT OF 1986. (a) Amendments Related to Section 513 of the Act.— (1) Subsection (e) of section 4662 of the 1986 Code is amended by redesignating paragraph (3) as paragraph (4) and by inserting after paragraph (2) the following new paragraph: “(3) Refunds directly to exporter.— The Secretary shall provide, in regulations, the circumstances under which a credit or refund (without interest) of the tax under section 4661 shall be allowed or made to the person who exported the taxable chemical or taxable substance, where— “(A) the person who paid the tax waives his claim to the amount of such credit or refund, and “(B) the person exporting the taxable chemical or taxable substance provides such information as the Secretary may require in such regulations.” 102 STAT. 3594 (2) Subparagraph (A) of section 4662(b)(10) of the 1986 Code is amended by striking out “a mixture of” and inserting in lieu thereof “one or more”. (b) Amendments Related to Section 515 of the Act.— (1) Subparagraph (B) of section 4672(a)(2) of the 1986 Code is amended by inserting “(or more than 50 percent of the value)” after “more than 50 percent of the weight”. (2) Paragraph (2) of section 4672(a) of the 1986 Code is amended by adding at the end thereof the following new sentence: “If an importer or exporter of any substance requests that the Secretary determine whether such substance be listed as a taxable substance under paragraph (I) or be removed from such listing, the Secretary shall make such determination within 180 days after the date the request was filed.” (3) Paragraph (4) of section 4672(a) of such Code is amended to read as follows: (4) Modifications to list.— The Secretary shall add to the list under paragraph (3) substances which meet either the weight or value tests of paragraph (2)(B) and may remove from such list only substances which meet neither of such tests.” (c) Amendments Related to Section 516 of the Act.— (1) Section 59A of the 1986 Code (relating to environmental tax) is amended by redesignating subsections (c) and (d) as subsections (d) and (e), respectively, and by inserting after subsection (b) the following new subsection: “(c) Exception foe RIC’s and REIT’s.— The tax imposed by subsection (a) shall not apply to— “(2) a regulated investment company to which part I of subchapter M applies, and “(3) a real estate investment trust to which part H of subchapter M applies.” (2) Paragraph (1) of section 882(a) of the 1986 Code is amended by inserting “59A,” after “55,”. (3) (A) Subparagraph (B) of section 56(f)(2) of the 1986 Code is amended by adding at the end thereof the following new sentence: “No adjustment shall be made under this subparagraph for the tax imposed by section 59A.” (B) Paragraph (2) of section 59A(b) of the 1986 Code is amended by inserting “(and the last sentence of section 56(f)(2)(B))” before the period at the end thereof. (d) Amendments Related to Section 521 of the Act.— (1) (A) The amendments made by subsections (b)(3) and (d)(17) of section 10502 of the Revenue Act of 1987 shall be treated as if included in the amendments made by section 521 of the Superfund Revenue Act of 1986 except that the last sentence of paragraphs (2) and (3) of section 4041(d) of the Internal Revenue Code of 1986 (as amended by such subsection (b)(3)) and the reference to section 4091 of such Code in section 9508(c)(2)(A) of such Code (as amended by such subsection (d)(1)) shall not apply to sales before April 1, 1988. (B) Paragraph (2) of section 6416(b) of the 1986 Code is amended by striking out “(or under paragraph (1)(A) or (2)(A) of section 4041(a) or under paragraph (1)(A) or (2)(A) of section 4041(d) or under section 4051)” and inserting in lieu thereof “(or under subsection (a) or (d) of section 4041 in respect of sales or under section 4051)”. 102 STAT. 3595 (2) Paragraph (3) of section 4041(c) of the 1986 Code is amended by striking out “the rate at which” and inserting in lieu thereof “the Highway Trust Fund financing rate at which”. (3) (A) Subparagraph (A) of section 4041(b)(1) of the 1986 Code is amended by striking out “subsection (a)” and inserting in lieu thereof “subsection (a) or (d)(1)” (B) Subparagraph (B) of section 4041(b)(1) of the 1986 Code is amended by inserting before the period “and by the corresponding provision of subsection (d)(1)”. (C) Subsection (b) of section 4041 of the 1986 Code is amended by striking out paragraph (3). (D) Subparagraph (A) of section 4O41(b)(2) of the 1986 Code is amended to read as follows: “(A) In general.— In the case of any qualified methanol or ethanol fuel— “(i) subsection (a)(2) shall be applied by substituting ‘3 cents’ for ‘9 cents’, and “(ii) subsection (d)(1) shall be applied by substituting ‘0.05 cent’ for ‘0.1 cent’ with respect to the sales and uses to which clause (i) applies.” (E) Subsection (f) of section 6421 of the 1986 Code is amended by striking out all that follows paragraph (1) and inserting in lieu thereof the following new paragraphs: “(2) Gasoline used in aviation.— This section shall not apply in respect of gasoline which is used as a fuel in an aircraft— “(A) in noncommercial aviation (as defined in section 4041(c)(4)), or “(B) in aviation which is not noncommercial aviation (as so defined) with respect to the tax imposed by section 4081 at the Leaking Underground Storage Tank Trust Fund financing rate. “(3) Leaking underground storage tank trust fund tax on gasoline used in trains.— This section shall not apply with respect to the tax imposed by section 4081 at the Leaking Underground Storage Tank Trust Fund financing rate on gasoline used as a fuel in a train.” (F) The second sentence of section 6421(a) of the 1986 Code is amended by striking out “paragraph (3) of subsection (e)” and inserting in lieu thereof “paragraph (2) of subsection (f)”. (4) (A) Paragraph (1) of section 1703(f) of the Reform Act (relating to floor stock taxes) is amended by striking out “9 cents” and inserting in lieu thereof “9.1 cents”. (B) Paragraph (4) of section 1703(f) of the Reform Act is amended to read as follows: “(4) Transfer of floor stock tax revenues to trust funds.— For purposes of determining the amount transferred to any trust fund, the tax imposed by this section shall be treated as imposed by section 4081 of the Internal Revenue Code of 1986— “(A) at the Highway Trust Fund financing rate under such section to the extent of 9 cents per gallon, and “(B) at the Leaking Underground Storage Tank Trust Fund financing rate under such section to the extent of 0.1 cent per gallon.” (5) (A) Paragraph (1) of section 4081(c) of the 1986 Code, as amended by section 1703 of the Reform Act, is amended by102 STAT. 3596 inserting “and by substituting ‘H cent’ for ‘0.1 cent’ ” before “in the case of the removal”. (B) The last sentence of section 4081(c)(2) of the 1986 Code, as amended by such section 1703, is amended by striking out “5% cents a gallon” and inserting in lieu thereof “reduced by the amount of tax imposed (and not credited or refunded) on any prior removal or sale of such fuel”. (6) (A) Paragraph (1) of section 4091(c) of the 1986 Code is amended by adding at the end thereof the following new sentence: “In the case of a sale described in subparagraph (B), the Leaking Underground Storage Tank Trust Fund financing rate shall be ⅑ cent per gallon.” (B) Paragraph (4) of section 4091(b) of the 1986 Code is amended by inserting “except as provided in subsection (c),” after “paragraph (1),”. (C) The last sentence of section 4091(c)(2) of the 1986 Code is amended by striking out “5 cents a gallon” and inserting in lieu thereof “reduced by the amount of tax imposed (and not credited or refunded) on any prior sale of such fuel”. (D) The amendments made by this paragraph shall take effect as if included in the amendments made by section 10502 of the Revenue Act of 1987. (7) (A) The amendment made by section 10502(c)(4) of the Revenue Act of 1987 shall be treated as if included in the amendments made by section 1703 of the Reform Act except that references to section 4091 of the Internal Revenue Code of 1986 shall not apply to sales before April 1, 1988. (B) Subparagraph (A) of section 6427(f)(1) of the 1986 Code is amended— (i) by striking out “regular Highway Trust Fund financing rate” each place it appears and inserting in lieu thereof “regular tax rate”, and (ii) by striking out “incentive Highway Trust Fund financing rate” and inserting in lieu thereof “incentive tax rate”. (C) Subparagraph (B) of section 6427(g)(1) of the 1986 Code is amended to read as follows: “(B) Definitions.— For purposes of subparagraph (A)— “(i) Regular tax rate.— The term ‘regular tax rate’ means— “(I) in the case of gasoline, the aggregate rate of tax imposed by section 4081 determined without regard to subsection (c) thereof, and “(II) in the case of diesel fuel, the aggregate rate of tax imposed by section 4091 on such fuel determined without regard to subsection (c) thereof, “(ii) Incentive tax rate.— The term ‘incentive tax rate’ means— “(I) in the case of gasoline, the aggregate rate of tax imposed by section 4081 with respect to fuel described in subsection (c)(1) thereof, and “(II) in the case of diesel fuel, the aggregate rate of tax imposed by section 4091 with respect to fuel described in subsection (c)(1)(B) thereof.” (D) Paragraph (2) of section 6427(1) of the 1986 Code is amended by inserting “under section 4041” after “exempt”. 102 STAT. 3597 (E) The amendments made by this paragraph shall take effect as if included in the amendments made by section 10502 of the Revenue Act of 1987. (e) Effective Date.— Except as otherwise provided in this section, the amendments made by this section shall take effect as if included in the provision of the Superfund Revenue Act of 1986 to which it relates.