Superfund Revenue Act of 1985

Superfund Revenue Act of 1985 - Amends the Internal Revenue Code to increase the tax on petroleum from the present level of 0.79 cents per barrel to 15.8 cents per barrel of crude oil. Provides that such tax shall not apply after September 30, 1990.

Increases the tax rates on certain organic and inorganic feedstock chemicals. Provides that such tax rates will be adjusted annually for inflation. Exempts from tax the sale for export of taxable chemicals or the sale to a purchaser for subsequent export. Provides a credit or refund of the tax where the tax on the chemicals was paid and the chemicals were exported.

Repeals the exemption from the tax for chemicals derived from coal. Exempts phosphoric acid used in producing fertilizer. Exempts certain substances having transitory presence during the extracting process. Provides that the term "xylene" does not include any separated isomer of xylene.

Imposes a waste end tax of $25 for each ton of hazardous waste received in any qualified hazardous waste management unit or received for export or for disposal in the ocean. Provides that the tax shall be five dollars per ton for hazardous waste placed in an underground injection well.

Provides for an annual adjustment in the tax rates on hazardous wastes beginning for fiscal years after 1986 if it is determined that the tax revenues on the waste disposal fail to reach specified levels. Imposes the tax on the owner or operator of a qualified hazardous waste facility, on the exporter of the hazardous waste, or the person holding the permit issued for transport for ocean dumping. Requires the tax to be paid at the close of the calendar quarter during which the taxable hazardous waste became subject to tax.

Imposes a $25 per ton tax on the placement of hazardous waste in facilities or locations other than qualified management units or for ocean dumping or exporting. Requires the person placing the waste in the facility or location concerned to pay the tax. Sets out various types of wastes not subject to such tax.

Exempts from such excise tax on hazardous waste any placement or receipt of hazardous waste in the course of carrying out any removal or remedial action under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (Superfund) if certain conditions are met. Exempts waste received by a facility operating pursuant to the Solid Waste Disposal Act if such waste is being removed from a facility operating pursuant to interim status which is being closed. Exempts solid waste which is being studied.

Exempts from the excise tax on hazardous waste any qualified wastewater treatment facility.

Permits a tax credit for the tax paid on hazardous waste which is placed in one disposal unit and then subsequently transferred to another disposal facility where an additional tax must be paid. Sets forth the procedure for determining the amount of the tax credit.

Permits a tax credit under specified circumstances for the tax paid with respect to taxable hazardous waste which is subjected to qualified treatment or conversion.

Provides that no tax credit will be allowed for treatment or conversion at a qualified wastewater treatment facility or for land treatment.

Denies the tax credit for any treatment or conversion which violates any requirements of Federal or State law relating to the management of taxable hazardous waste.

Provides that the excise tax on the receipt or placement of any hazardous waste in any facility or location shall not apply before January 1, 1986, or to the export of any hazardous waste before January 1, 1986. Terminates the excise tax on the disposal of hazardous waste after September 30, 1990.

Provides for certain recordkeeping requirements for persons subject to the excise tax on hazardous waste.

Directs that the revenues from the excise tax on the disposition of hazardous wastes be deposited in the Hazardous Substance Response Trust Fund (Superfund).

Authorizes appropriations to Superfund for FY 1986 through 1990.