Offending Oil Polluters Act
This bill amends the Internal Revenue Code to deny any tax credit or deduction to an offending oil polluter. The bill defines "offending oil polluter" as any person who is responsible for a vessel or facility from which oil or a hazardous substance is discharged and any person who is a member of the same expanded affiliated group as the offending oil polluter.
Specifically, the bill denies a tax benefit for any amount paid or incurred: (1) in connection with a discharge of oil or a hazardous substance, (2) for any attorney fees and court costs in connection with any legal action involving such discharge, (3) as a payment or restitution related to such discharge, and (4) for any costs or penalties required by federal law or certified in a settlement by a federal court.
The bill requires the Department of the Treasury to conduct, and report on, an annual study to determine: (1) the revenue loss as a result of tax deductions allowed for cleaning up oil that is discharged after April 19, 2010, and (2) the amount of revenue savings resulting from this Act.
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