 |
United States Code (Last Updated: May 24, 2014) |
 |
Title 26. INTERNAL REVENUE CODE |
|
SubTitle I. Trust Fund Code |
|
Chapter 98. TRUST FUND CODE |
|
SubChapter A. Establishment of Trust Funds |
§ 9509. Oil Spill Liability Trust Fund
-
(a) Creation of Trust Fund There is established in the Treasury of the United States a trust fund to be known as the “Oil Spill Liability Trust Fund”, consisting of such amounts as may be appropriated or credited to such Trust Fund as provided in this section or section 9602(b).
(b) Transfers to Trust Fund There are hereby appropriated to the Oil Spill Liability Trust Fund amounts equivalent to— (1) taxes received in the Treasury under section 4611 (relating to environmental tax on petroleum) to the extent attributable to the Oil Spill Liability Trust Fund financing rate under section 4611(c), (2) amounts recovered under the Oil Pollution Act of 1990 for damages to natural resources which are required to be deposited in the Fund under section 1006(f) of such Act, (3) amounts recovered by such Trust Fund under section 1015 of such Act, (4) amounts required to be transferred by such Act from the revolving fund established under section 311(k) of the Federal Water Pollution Control Act, (5) amounts required to be transferred by the Oil Pollution Act of 1990 from the Deepwater Port Liability Fund established under section 18(f) of the Deepwater Port Act of 1974, (6) amounts required to be transferred by the Oil Pollution Act of 1990 from the Offshore Oil Pollution Compensation Fund established under section 302 of the Outer Continental Shelf Lands Act Amendments of 1978, (7) amounts required to be transferred by the Oil Pollution Act of 1990 from the Trans-Alaska Pipeline Liability Fund established under section 204 of the Trans-Alaska Pipeline Authorization Act, and (8) any penalty paid pursuant to section 311 of the Federal Water Pollution Control Act, section 309(c) of such Act (as a result of violations of such section 311), the Deepwater Port Act of 1974, or section 207 of the Trans-Alaska Pipeline Authorization Act. (c) Expenditures (1) Expenditure purposes Amounts in the Oil Spill Liability Trust Fund shall be available, as provided in appropriation Acts or section 6002(b) of the Oil Pollution Act of 1990, only for purposes of making expenditures— (A) for the payment of removal costs and other costs, expenses, claims, and damages referred to in section 1012 of such Act, (B) to carry out sections 5 and 7 of the Intervention on the High Seas Act relating to oil pollution or the substantial threat of oil pollution, (C) for the payment of liabilities incurred by the revolving fund established by section 311(k) of the Federal Water Pollution Control Act, (D) to carry out subsections (b), (c), (d), (j), and (l) of section 311 of the Federal Water Pollution Control Act with respect to prevention, removal, and enforcement related to oil discharges (as defined in such section), (E) for the payment of liabilities incurred by the Deepwater Port Liability Fund, and (F) for the payment of liabilities incurred by the Offshore Oil Pollution Compensation Fund. (2) Limitations on expenditures (A) $1,000,000,000 per incident, etc. The maximum amount which may be paid from the Oil Spill Liability Trust Fund with respect to— (i) any single incident shall not exceed $1,000,000,000, and (ii) natural resource damage assessments and claims in connection with any single incident shall not exceed $500,000,000. (B) $30,000,000 minimum balance Except in the case of payments of removal costs, a payment may be made from such Trust Fund only if the amount in such Trust Fund after such payment will not be less than $30,000,000.
(d) Authority to borrow (1) In general There are authorized to be appropriated to the Oil Spill Liability Trust Fund, as repayable advances, such sums as may be necessary to carry out the purposes of such Trust Fund.
(2) Limitation on amount outstanding The maximum aggregate amount of repayable advances to the Oil Spill Liability Trust Fund which is outstanding at any one time shall not exceed $1,000,000,000.
(3) Repayment of advances (A) In general Advances made to the Oil Spill Liability Trust Fund shall be repaid, and interest on such advances shall be paid, to the general fund of the Treasury when the Secretary determines that moneys are available for such purposes in such Fund.
(B) Final repayment No advance shall be made to the Oil Spill Liability Trust Fund after
December 31, 1994 , and all advances to such Fund shall be repaid on or before such date.(C) Rate of interest Interest on advances made pursuant to this subsection shall be— (i) at a rate determined by the Secretary of the Treasury (as of the close of the calendar month preceding the month in which the advance is made) to be equal to the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the anticipated period during which the advance will be outstanding, and (ii) compounded annually. (e) Liability of the United States limited to amount in Trust Fund (1) General rule Any claim filed against the Oil Spill Liability Trust Fund may be paid only out of such Trust Fund.
(2) Coordination with other provisions Nothing in the Oil Pollution Act of 1990 (or in any amendment made by such Act) shall authorize the payment by the United States Government of any amount with respect to any such claim out of any source other than the Oil Spill Liability Trust Fund.
(3) Order in which unpaid claims are to be paid If at any time the Oil Spill Liability Trust Fund has insufficient funds (or is unable by reason of subsection (c)(2)) to pay all of the claims out of such Trust Fund at such time, such claims shall, to the extent permitted under paragraph (1) and such subsection, be paid in full in the order in which they were finally determined.
(f) References to Oil Pollution Act of 1990 Any reference in this section to the Oil Pollution Act of 1990 or any other Act referred to in a subparagraph of subsection (c)(1) shall be treated as a reference to such Act as in effect on the date of the enactment of this subsection.
References In Text
The Oil Pollution Act of 1990, referred to in subsecs. (b)(2), (3), (5)–(7), (c)(1), (e)(2), and (f), is Pub. L. 101–380,
Section 311 of the Federal Water Pollution Control Act, referred to in subsecs. (b)(4), (8) and (c)(1)(C), (D), is classified to section 1321 of Title 33. Subsec. (d) of section 311, which related to maritime disaster discharges, was amended generally by Pub. L. 101–380, title IV, § 4201(b),
The Deepwater Port Act of 1974, referred to in subsec. (b)(5), (8), is Pub. L. 93–627,
Section 302 of the Outer Continental Shelf Lands Act Amendments of 1978, referred to in subsec. (b)(6), was classified to section 1812 of Title 43, Public Lands, prior to its repeal by Pub. L. 101–380, title II, § 2004,
Sections 204 and 207 of the Trans-Alaska Pipeline Authorization Act, referred to in subsec. (b)(7), (8), are classified to sections 1653 and 1656, respectively, of Title 43.
Section 309(c) of the Federal Water Pollution Control Act, referred to in subsec. (b)(8), is classified to section 1319(c) of Title 33, Navigation and Navigable Waters.
Sections 5 and 7 of the Intervention on the High Seas Act, referred to in subsec. (c)(1)(B), are classified to sections 1474 and 1476, respectively, of Title 33.
The date of the enactment of this subsection, referred to in subsec. (f), probably means the date of enactment of Pub. L. 101–380, which was approved
Amendments
1990—Subsec. (b)(2) to (8). Pub. L. 101–380, § 9001(a), added pars. (2) to (8) and struck out former pars. (2) to (5) which read as follows:
“(2) amounts recovered, collected, or received under subtitle A of the Comprehensive Oil Pollution Liability and Compensation Act,
“(3) amounts remaining (on
“(4) amounts remaining (on such date) in the Offshore Oil Pollution Compensation Fund established under section 302 of the Outer Continental Shelf Lands Act Amendments of 1978, and
“(5) amounts credited to such trust fund under section 311(s) of the Federal Water Pollution Control Act.”
Subsec. (c)(1). Pub. L. 101–380, § 9001(b), amended par. (1) generally, substituting “Expenditure purposes” for “General expenditure purposes” in heading and substituting current text consisting of subpars. (A) to (F) for former text consisting of general provisions in subpar. (A) and special rules in subpar. (B).
Subsec. (c)(2)(A). Pub. L. 101–380, § 9001(c), substituted “$1,000,000,000” for “$500,000,000” in heading and in cl. (i), and substituted “$500,000,000” for “$250,000,000” in cl. (ii).
Subsec. (c)(2)(B). Pub. L. 101–380, § 9001(e)(2), substituted “payments of removal costs” for “payments described in paragraph (1)(A)(i)”.
Subsec. (d)(2). Pub. L. 101–380, § 9001(d)(1), substituted “$1,000,000,000” for “$500,000,000”.
Subsec. (d)(3)(B). Pub. L. 101–380, § 9001(d)(2), substituted “
Subsec. (e)(2). Pub. L. 101–380, § 9001(e)(1), substituted “Oil Pollution Act of 1990” for “Comprehensive Oil Pollution Liability and Compensation Act”.
Subsec. (f). Pub. L. 101–380, § 9001(e)(3), substituted “References to Oil Pollution Act of 1990” for “References to Comprehensive Oil Pollution Liability and Compensation Act” in heading and amended text generally. Prior to amendment, text read as follows: “For purposes of this section, references to the Comprehensive Oil Pollution Liability and Compensation Act shall be treated as references to any law enacted before
1989—Subsec. (b)(3). Pub. L. 101–239, § 7811(m)(3), made technical correction to directory language of Pub. L. 100–647, see 1988 Amendment note below.
Pub. L. 101–239, § 7505(d)(2)(B), substituted “(on
Subsec. (c)(1)(A). Pub. L. 101–239, § 7505(d)(2)(C), which directed amendment of subsec. (c)(1) by striking the last sentence, was executed by striking out the last sentence of subsec. (c)(1)(A), as the probable intent of Congress. Such sentence read as follows: “For purposes of this subparagraph, references to the Comprehensive Oil Pollution Liability and Compensation Act shall be treated as references to qualified authorizing legislation (as defined in section 4611).”
Subsec. (f). Pub. L. 101–239, § 7505(d)(2)(A), added subsec. (f).
1988—Subsec. (b)(3). Pub. L. 100–647, as amended by Pub. L. 101–239, § 7811(m)(3), substituted “Deepwater” for “Deep Water” wherever appearing.
Effective Date Of Amendment
Amendment by Pub. L. 101–380 applicable to incidents occurring after
Amendment by section 7811(m)(3) of Pub. L. 101–239 effective, except as otherwise provided, as if included in the provision of the Technical and Miscellaneous Revenue Act of 1988, Pub. L. 100–647, to which such amendment relates, see section 7817 of Pub. L. 101–239, set out as a note under section 1 of this title.
Amendment by Pub. L. 100–647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Pub. L. 99–514, to which such amendment relates, see section 1019(a) of Pub. L. 100–647, set out as a note under section 1 of this title.
Effective Date
Pub. L. 99–509, title VIII, § 8033(c)(1),
[For purposes of section 8033(c) of Pub. L. 99–509, set out as notes above and below, the commencement date is
Miscellaneous
Pub. L. 107–295, title III, § 322(a),
Pub. L. 104–66, title I, § 1122(a),
[House Report 101–892, 101st Congress, 2d Session, provided that: “The conferees direct the Coast Guard to submit quarterly reports to the House and Senate Committee on Appropriations detailing and summarizing all transfers to and expenditures from the oil spill liability trust fund. Each report shall account for each transfer to and expenditure from the fund as authorized by Section 9509 of the Internal Revenue Code of 1986, as amended, and Sections 5003 and 5004 of the Oil Pollution Act of 1990 (Public Law 101–380) [33 U.S.C. 2733, 2734]. The report shall also show amounts collectable under Section 9509(b)(2), (3), and (8) of the Internal Revenue Code of 1986. For those authorized expenditures subject to limitations, the report shall so indicate. The Coast Guard shall confer with the House and Senate Committees on Appropriations as to the format for these reports.”]
Pub. L. 101–380, title II, § 2003(b),
Pub. L. 101–380, title II, § 2004,
Pub. L. 101–380, title IV, § 4304,
Pub. L. 99–509, title VIII, § 8033(c)(2), “ ‘Sec. 9509. Oil Spill Liability Trust Fund.’ ”