Record Display for the EPA National Library CatalogRECORD NUMBER: 19 OF 20
|Main Title||Superfund taxes or general revenues : future funding options for the superfund program /|
|Author||McCarthy, James E.|
|Publisher||Congressional Research Service, Library of Congress,|
|Subjects||Hazardous waste site remediation--Law and legislation--United States ; Liability for hazardous substances pollution damages--United States ; Liability for environmental damages--United States ; Budget--United States|
|Collation||10 pages : illustrations ; 28 cm|
This report discusses the role of dedicated taxes and other sources of revenue in funding the Hazardous Substance Superfund Trust Fund. Congress makes annual appropriations to the Environmental Protection Agency (EPA) from this trust fund and from general Treasury revenues for the purpose of supporting the Superfund program, which addresses both short-term (emergency) and long-term cleanup activity of hazardous substances at contaminated sites. Three dedicated taxes (on petroleum, chemical feedstocks, and corporate income) historically provided the majority of the trust fund s income. The taxes expired at the end of 1995, however, and the amount of unobligated money in the fund gradually dwindled. By the end of FY2003, the fund s unobligated balance was zero, down from a high of $3.8 billion in 1996. The Administration s decision to not request reinstatement of the taxes has been supported by Congress, although some Members introduced legislation to do so. The annual budgets have compensated for the lack of dedicated tax revenue by increasing the contribution from the general fund of the U.S. Treasury. In fiscal years 2004-2007, virtually the entire Superfund program appropriation came from general Treasury revenues. The FY2008 budget request and funding provided through continuing resolutions continues this. Regarding the tax issue, the President s FY2008 budget submission was silent
Cover title. "Updated March 7, 2005." Includes bibliographical references. "RL31410."