INCREASE AND EXTENSION OF OIL SPILL LIABILITY TRUST FUND TAX.

SEC. 405. INCREASE AND EXTENSION OF OIL SPILL LIABILITY TRUST FUND TAX.(a) Increase in Rate.—(1) In general.—Section 4611(c)(2)(B) (relating to rates) is amended by striking “is 5 cents a barrel.” and inserting “is—“(i) in the case of crude oil received or petroleum products entered before January 1, 2017, 8 cents a barrel, and“(ii) in the case of crude oil received or petroleum products entered after December 31, 2016, 9 cents a barrel.”.(2) Effective date.—The amendment made by this subsection shall apply on and after the first day of the first calendar quarter beginning more than 60 days after the date of the enactment of this Act.122 STAT. 3861(b) Extension.—(1) In general.—Section 4611(f) (relating to application of Oil Spill Liability Trust Fund financing rate) is amended by striking paragraphs (2) and (3) and inserting the following new paragraph:“(2) Termination.—The Oil Spill Liability Trust Fund financing rate shall not apply after December 31, 2017.”.(2) Conforming amendment.—Section 4611(f)(1) is amended by striking “paragraphs (2) and (3)” and inserting “paragraph (2)”.(3) Effective date.—The amendments made by this subsection shall take effect on the date of the enactment of this Act.