A bill introduced Sept. 24 by Reps. Earl Blumenauer (D-Ore.) and Frank Pallone Jr., (D-N.J.) would reinstate corporate taxes to pay for the cleanup of superfund sites. The Superfund Reinvestment Act of 2007 (H.R. 3636) would amend the Internal Revenue Code of 1986 to replenish the Superfund Trust Fund by reinstating three taxes: a corporate income tax, an excise tax, and a chemical feedstocks excise task on 42 listed chemicals. Specifically, H.R. 3636 would take the tax rate that existed between Dec. 31, 1986, and Jan. 1, 1996,andre-instate it for the taxable years beginning with the date of enactment until Jan. 1, 2018.
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