This bill aims to eliminate the Hazardous Substance Superfund financing rate by amending the Internal Revenue Code of 1986. Specifically, it mandates that this financing rate will cease to apply after December 31, 2025 , effectively ending the tax collected for the Superfund program from that date forward. Furthermore, the legislation revises the termination of authority for advances from the Superfund, changing the expiration date from December 31, 2032, to the date of the Act's enactment . It also stipulates that advances will be repaid quarterly from unobligated amounts in the Fund until fully reimbursed. The termination of the financing rate takes effect on January 1, 2026, while the changes to advance authority are effective upon enactment.
This bill aims to eliminate the Hazardous Substance Superfund financing rate by amending the Internal Revenue Code of 1986. Specifically, it mandates that this financing rate will cease to apply after December 31, 2025 , effectively ending the tax collected for the Superfund program from that date forward. Furthermore, the legislation revises the termination of authority for advances from the Superfund, changing the expiration date from December 31, 2032, to the date of the Act's enactment . It also stipulates that advances will be repaid quarterly from unobligated amounts in the Fund until fully reimbursed. The termination of the financing rate takes effect on January 1, 2026, while the changes to advance authority are effective upon enactment.