True Cost of Coal Act of 2012 - Amends the Internal Revenue Code to: (1) impose a $10 per ton excise tax on the extraction of coal; (2) establish in the Treasury the Coal Mitigation Trust Fund to hold revenues from such tax; and (3) extend to 50 years the recovery period, for depreciation purposes, for specified coal port property used for the export of coal.
Allows expenditures from the Coal Mitigation Trust Fund to assist states in mitigating noise, vibration, traffic delays, pollution and other threats to public health, and emergencies in connection with the transportation of coal by rail, and to provide worker adjustment assistance.
Directs the Secretary of Transportation (DOT) to issue regulations to require all rail cars transporting coal to be covered or to incorporate a suitable alternative technology to ensure that coal and coal dust do not escape during transportation.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6202 Introduced in House (IH)]
112th CONGRESS
2d Session
H. R. 6202
To amend the Internal Revenue Code of 1986 to establish the Coal
Mitigation Trust Fund funded by the imposition of a tax on the
extraction of coal, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 25, 2012
Mr. McDermott (for himself, Ms. Lee of California, Mr. Honda, Mr.
Rangel, and Mr. Stark) introduced the following bill; which was
referred to the Committee on Ways and Means, and in addition to the
Committee on Transportation and Infrastructure, for a period to be
subsequently determined by the Speaker, in each case for consideration
of such provisions as fall within the jurisdiction of the committee
concerned
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to establish the Coal
Mitigation Trust Fund funded by the imposition of a tax on the
extraction of coal, 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 ``True Cost of Coal Act of 2012''.
SEC. 2. COAL MITIGATION TRUST FUND.
(a) In General.--Subchapter A of chapter 98 of the Internal Revenue
Code of 1986 is amended by adding at the end the following new section:
``SEC. 9512. COAL MITIGATION 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 `Coal Mitigation
Trust Fund', consisting of such amounts as may be appropriated or
credited to such fund as provided in this section or section 9602(b).
``(b) Transfers to Trust Fund.--There are hereby appropriated to
the Coal Mitigation Trust Fund amounts equivalent to the taxes received
in the Treasury under section 4122 (relating to excise tax on coal
extraction).
``(c) Expenditures.--
``(1) In general.--Except as otherwise provided in this
subsection, amounts in the Coal Mitigation Trust Fund shall be
available, as provided by appropriation Acts, to eligible
States for mitigation of the following in connection with the
transportation of coal by rail: noise, vibration, traffic
delays, pollution and other threats to public health, and
emergencies. Such amounts shall also be so available for
related worker adjustment assistance. Any amounts made
available to an eligible State under this paragraph shall
remain available until expended for a purpose described in this
paragraph.
``(2) Allocation among states.--Any amounts made available
under paragraph (1) shall be made available to the eligible
States in an amount which bears the same ratio to the
population of such State as the aggregate amount made available
bears to the aggregate populations of all the eligible States.
``(3) Eligible states.--For purposes of this subsection,
the term `eligible State' means any State in which not less
than 2,500,000 tons of coal per year is transported by rail.
``(4) Amounts made available not to offset required
expenditures.--Amounts made available under paragraph (1) shall
not be used directly or indirectly for any expense which any
producer or transporter of coal is legally required to
provide.''.
(b) Clerical Amendment.--The table of sections for subchapter A of
chapter 98 of the Internal Revenue Code of 1986 is amended by adding at
the end the following new item:
``Sec. 9512. Coal Mitigation Trust Fund.''.
SEC. 3. EXCISE TAX ON COAL EXTRACTION.
(a) In General.--Subchapter B of chapter 32 of the Internal Revenue
Code of 1986 is amended by adding at the end the following new section:
``SEC. 4122. EXCISE TAX ON COAL EXTRACTION.
``(a) In General.--There is hereby imposed on the extraction of
coal in the United States a tax equal to $10 per ton.
``(b) Cross Reference.--For definitions of `United States' and
`ton', see section 4121(c).''.
(b) Clerical Amendment.--The table of sections for subchapter B of
chapter 32 of such Code is amended by adding at the end the following
new item:
``Sec. 4122. Excise tax on coal extraction.''.
(c) Effective Date.--The amendments made by this section shall
apply to coal extracted after the date of the enactment of this Act.
SEC. 4. EXTENSION OF RECOVERY PERIOD FOR SPECIFIED COAL PORT PROPERTY.
(a) 50-Year Recovery Period for Specified Coal Ports.--
(1) In general.--The table contained in section 168(c) of
the Internal Revenue Code of 1986 is amended by striking the
last row and inserting the following:
----------------------------------------------------------------------------------------------------------------
``Any railroad grading, tunnel bore, or specified coal port 50 years''.
property..................................................
----------------------------------------------------------------------------------------------------------------
(2) Alternative depreciation system.--The table contained
in section 168(g)(2)(C) of such Code is amended by striking
``or water utility property'' and inserting ``, water utility
property, or specified coal port property''.
(b) Specified Coal Port Property.--Subsection (e) of section 168 of
such Code is amended by adding at the end the following new paragraph:
``(9) Specified coal port property.--The term `specified
coal port property' means any property which is part of a port
(including any wharfs, stockyards, or conveyers) if--
``(A) it is reasonably anticipated at the time that
such property is placed in service that such port will
be used for the export of coal, and
``(B) such port (after such property and any
related property is placed in service) would have the
capacity to export more than 1,000,000 tons of coal
annually.''.
(c) Effective Date.--The amendments made by this section shall
apply to property placed in service after the date of the enactment of
this Act.
SEC. 5. COVERING COAL CARS.
(a) Amendment.--Subchapter II of chapter 201 of title 49, United
States Code, is amended by adding at the end the following new section:
``Sec. 20168. Covering coal cars.
``The Secretary of Transportation shall issue regulations to
require all rail cars transporting coal to be covered or to incorporate
a suitable alternative technology that ensures that coal and coal dust
do not escape the rail car or are treated to significantly reduce or
eliminate the release of coal dust or other particulate matter during
transportation.''.
(b) Table of Sections.--The table of sections for subchapter II of
chapter 201 of title 49, United States Code, is amended by adding at
the end the following:
``20168. Covering coal cars.''.
<all>
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E1328)
Referred to the Committee on Ways and Means, and in addition to the Committee on Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committee on Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on Coast Guard and Maritime Transportation.
Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
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