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Superfund Polluter Pays Act: New Corporate Taxes to Finance the Superfund.

The Act amends the Internal Revenue Code of 1986 to extend the financing of the Superfund. It reinstates and increases the Hazardous Substance Superfund financing rate on crude oil and establishes excise tax rates for specific chemicals. It also introduces a new environmental tax on corporations whose modified taxable income exceeds a specific threshold.
Key points
Amendment of the Hazardous Substance Superfund financing rate from 9.7 cents to 16.3 cents and establishment of tax rates for chemicals (e.g., benzene, chlorine), with inflation adjustments.
Imposition of an environmental tax of 0.12% on corporations for the excess of modified environmental tax taxable income over $3.13 million (adjusted for inflation).
Extension of the financing of the Superfund, with the new corporate tax applying to taxable years beginning before January 1, 2027.
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Expired
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Additional Information
Print number: 117_HR_2703
Sponsor: Rep. Pallone, Frank, Jr. [D-NJ-6]
Process start date: 2021-04-20
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Superfund Polluter Pays Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_2703.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-04-20.

What are the main provisions?

Key points include:

  • Amendment of the Hazardous Substance Superfund financing rate from 9.7 cents to 16.3 cents and establishment of tax rates for chemicals (e.g., benzene, chlorine), with inflation adjustments.
  • Imposition of an environmental tax of 0.12% on corporations for the excess of modified environmental tax taxable income over $3.13 million (adjusted for inflation).
  • Extension of the financing of the Superfund, with the new corporate tax applying to taxable years beginning before January 1, 2027.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Pallone, Frank, Jr. [D-NJ-6].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Taxes Environment Economy