H.R.1887 - Superfund Equity and Megasite Remediation Act of 2007

To amend the Internal Revenue Code of 1986 to extend the financing for Superfund for purposes of cleanup activities with respect to those Superfund sites for which removal and remedial action is estimated to cost more than $50 million, and for other purposes. view all titles (2)

All Bill Titles

  • Short: Superfund Equity and Megasite Remediation Act of 2007 as introduced.
  • Official: To amend the Internal Revenue Code of 1986 to extend the financing for Superfund for purposes of cleanup activities with respect to those Superfund sites for which removal and remedial action is estimated to cost more than $50 million, and for other purposes. as introduced.

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Introduced
 
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President
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04/17/07
 
 
 
 
 
 
 

Official Summary

Superfund Equity and Megasite Remediation Act of 2007 - Amends the Internal Revenue Code to reinstate the Hazardous Substance Superfund financing rate and the corporate environmental income tax, except in certain calendar quarters in which the unobligated balance in the Hazardous Substance

Official Summary

Superfund Equity and Megasite Remediation Act of 2007 - Amends the Internal Revenue Code to reinstate the Hazardous Substance Superfund financing rate and the corporate environmental income tax, except in certain calendar quarters in which the unobligated balance in the Hazardous Substance Superfund exceeds $5.7 billion. Provides for a 50% increase in the Hazardous Substance Superfund financing rate and the corporate environmental income tax between 2008 and 2013 to fund response actions at Superfund sites estimated to cost more than $50 million (megasites) or which pose high health risks.Establishes the Megasites and High Risk Sites Cleanup Account in the Hazardous Substance Superfund. Transfers to such Account revenues resulting from the temporary 50% increase in the Hazardous Substance Superfund financing rate and the corporate environmental income tax.Requires the Administrator of the Environmental Protection Agency (EPA) to report to Congress annually on the progress of response actions funded by the Hazardous Substance Superfund.

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