H.R. 480 — Introduced in House

I 113th CONGRESS 1st Session H. R. 480 IN THE HOUSE OF REPRESENTATIVES February 4, 2013 Mr. Hastings of Florida introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to disallow a deduction for amounts paid or incurred by a responsible party relating to a discharge of oil. 1. Denial of deduction for amounts paid or incurred by a responsible party (a) In general Section 162 of the Internal Revenue Code of 1986 is amended by redesignating subsection (q) as subsection (r) and by inserting after subsection (p) the following new subsection: (q) Certain expenses of a responsible party (1) In general No deduction shall be allowed under subsection (a) for any amount paid or incurred by a responsible party relating to any incident resulting in the discharge of oil into the navigable waters, other than an incident caused by an act of God or an act of war. (2) Definitions Any term used in paragraph (1) which is also used in the Oil Pollution Act of 1990 shall have the meaning given such term by such Act. . (b) Effective date The amendment made by this section shall apply to returns of tax the due date of which (including extensions of time) is after the date of the enactment of this Act.