Big Oil Bailout Prevention Act of 2010

Big Oil Bailout Prevention Act of 2010 - Amends the Oil Pollution Act of 1990 to: (1) increase the liability of the party responsible for an offshore facility, except a deepwater port, from which oil is discharged into or upon navigable waters or adjoining shorelines to the total of all discharge removal costs plus $10 billion (currently, $75 million) for each incident; and (2) direct the President to promulgate regulations to allow advance payments from the Oil Spill Liability Trust Fund to states and localities to prepare for and mitigate substantial threats from the discharge of oil.

Amends the Internal Revenue Code to eliminate: (1) the $1 billion per incident limitation on expenditures from the Oil Spill Liability Trust Fund for cleanup of oil spills: and (2) restrictions on the borrowing authority of such Trust Fund.

Makes this Act effective on April 15, 2010.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5214 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 5214

 To require oil polluters to pay the full cost of oil spills, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 5, 2010

 Mr. Holt (for himself, Mr. Pallone, Ms. Kosmas, Mr. Boyd, Mr. Meek of 
 Florida, Mr. Hodes, Mr. Davis of Alabama, Mr. Inslee, Mrs. Capps, and 
 Mr. Braley of Iowa) introduced the following bill; which was referred 
         to the Committee on Transportation and Infrastructure

_______________________________________________________________________

                                 A BILL


 
 To require oil polluters to pay the full cost of oil spills, and for 
                            other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Big Oil Bailout Prevention Act of 
2010''.

SEC. 2. LIMITS ON LIABILITY FOR OFFSHORE FACILITIES.

    Section 1004(a)(3) of the Oil Pollution Act of 1990 (33 U.S.C. 
2704(a)(3)) is amended by striking ``$75,000,000'' and inserting 
``$10,000,000,000''.

SEC. 3. ADVANCE PAYMENTS.

    Section 1012 of the Oil Pollution Act of 1990 (33 U.S.C. 2712) is 
amended by adding at the end the following:
    ``(l) Advance Payments.--The President shall promulgate regulations 
that allow advance payments to be made from the Fund to States and 
political subdivisions of States for actions taken to prepare for and 
mitigate substantial threats from the discharge of oil.''.

SEC. 4. OIL SPILL LIABILITY TRUST FUND.

    (a) Limitations on Expenditures.--Section 9509(c) of the Internal 
Revenue Code of 1986 (relating to expenditures from the Oil Spill 
Liability Trust Fund) is amended--
            (1) by striking paragraph (2);
            (2) by striking ``Expenditures'' and all that follows 
        through ``Amounts in'' and inserting ``Expenditures.--Amounts 
        in''; and
            (3) by redesignating subparagraphs (A) through (F) as 
        paragraphs (1) through (6), respectively, and indenting 
        appropriately.
    (b) Authority To Borrow.--Section 9509(d) of the Internal Revenue 
Code of 1986 (relating to authority to borrow for the Oil Spill 
Liability Trust Fund) is amended--
            (1) by striking paragraph (2);
            (2) by redesignating paragraph (3) as paragraph (2); and
            (3) in paragraph (2) (as so redesignated)--
                    (A) by striking subparagraph (B); and
                    (B) by redesignating subparagraph (C) as 
                subparagraph (B).

SEC. 5. EFFECTIVE DATE.

    This Act and the amendments made by this Act take effect on April 
15, 2010.
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