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U.S. Code as of:
01/19/04
Section 4612. Definitions and special rules
(a) Definitions
For purposes of this subchapter -
(1) Crude oil
The term "crude oil" includes crude oil condensates and natural
gasoline.
(2) Domestic crude oil
The term "domestic crude oil" means any crude oil produced from
a well located in the United States.
(3) Petroleum product
The term "petroleum product" includes crude oil.
(4) United States
(A) In general
The term "United States" means the 50 States, the District of
Columbia, the Commonwealth of Puerto Rico, any possession of
the United States, the Commonwealth of the Northern Mariana
Islands, and the Trust Territory of the Pacific Islands.
(B) United States includes continental shelf areas
The principles of section 638 shall apply for purposes of the
term "United States".
(C) United States includes foreign trade zones
The term "United States" includes any foreign trade zone of
the United States.
(5) United States refinery
The term "United States refinery" means any facility in the
United States at which crude oil is refined.
(6) Refineries which produce natural gasoline
In the case of any United States refinery which produces
natural gasoline from natural gas, the gasoline so produced shall
be treated as received at such refinery at the time so produced.
(7) Premises
The term "premises" has the same meaning as when used for
purposes of determining gross income from the property under
section 613.
(8) Barrel
The term "barrel" means 42 United States gallons.
(9) Fractional part of barrel
In the case of a fraction of a barrel, the tax imposed by
section 4611 shall be the same fraction of the amount of such tax
imposed on a whole barrel.
(b) Only 1 tax imposed with respect to any product
No tax shall be imposed by section 4611 with respect to any
petroleum product if the person who would be liable for such tax
establishes that a prior tax imposed by such section has been
imposed with respect to such product.
(c) Credit where crude oil returned to pipeline
Under regulations prescribed by the Secretary, if an operator of
a United States refinery -
(1) removes crude oil from a pipeline, and
(2) returns a portion of such crude oil into a stream of other
crude oil in the same pipeline,
there shall be allowed as a credit against the tax imposed by
section 4611 to such operator an amount equal to the product of the
rate of tax imposed by section 4611 on the crude oil so removed by
such operator and the number of barrels of crude oil returned by
such operator to such pipeline. Any crude oil so returned shall be
treated for purposes of this subchapter as crude oil on which no
tax has been imposed by section 4611.
(d) Credit against portion of tax attributable to oil spill rate
There shall be allowed as a credit against so much of the tax
imposed by section 4611 as is attributable to the Oil Spill
Liability Trust Fund financing rate for any period an amount equal
to the excess of -
(1) the sum of -
(A) the aggregate amounts paid by the taxpayer before January
1, 1987, into the Deepwater Port Liability Trust Fund and the
Offshore Oil Pollution Compensation Fund, and
(B) the interest accrued on such amounts before such date,
over
(2) the amount of such payments taken into account under this
subsection for all prior periods.
The preceding sentence shall also apply to amounts paid by the
taxpayer into the Trans-Alaska Pipeline Liability Fund to the
extent of amounts transferred from such Fund into the Oil Spill
Liability Trust Fund. For purposes of this subsection, all
taxpayers which would be members of the same affiliated group (as
defined in section 1504(a)) if section 1504(a)(2) were applied by
substituting "100 percent" for "80 percent" shall be treated as 1
taxpayer.
(e) Income tax credit for unused payments into Trans-Alaska
Pipeline Liability Fund
(1) In general
For purposes of section 38, the current year business credit
shall include the credit determined under this subsection.
(2) Determination of credit
(A) In general
The credit determined under this subsection for any taxable
year is an amount equal to the aggregate credit which would be
allowed to the taxpayer under subsection (d) for amounts paid
into the Trans-Alaska Pipeline Liability Fund had the Oil Spill
Liability Trust Fund financing rate not ceased to apply.
(B) Limitation
(i) In general
The amount of the credit determined under this subsection
for any taxable year with respect to any taxpayer shall not
exceed the excess of -
(I) the amount determined under clause (ii), over
(II) the aggregate amount of the credit determined under
this subsection for prior taxable years with respect to
such taxpayer.
(ii) Overall limitation
The amount determined under this clause with respect to any
taxpayer is the excess of -
(I) the aggregate amount of credit which would have been
allowed under subsection (d) to the taxpayer for periods
before the termination date specified in section
4611(f)(1), if amounts in the Trans-Alaska Pipeline
Liability Fund which are actually transferred into the Oil
Spill Liability Fund were tranferred (!1) on January 1,
1990, and the Oil Spill Liability Trust Fund financing rate
did not terminate before such termination date, over
(II) the aggregate amount of the credit allowed under
subsection (d) to the taxpayer.
(3) Cost of income tax credit borne by Trust Fund
(A) In general
The Secretary shall from time to time transfer from the Oil
Spill Liability Trust Fund to the general fund of the Treasury
amounts equal to the credits allowed by reason of this
subsection.
(B) Trust Fund balance may not be reduced below $1,000,000,000
Transfers may be made under subparagraph (A) only to the
extent that the unobligated balance of the Oil Spill Liability
Trust Fund exceeds $1,000,000,000. If any transfer is not made
by reason of the preceding sentence, such transfer shall be
made as soon as permitted under such sentence.
(4) No carryback
No portion of the unused business credit for any taxable year
which is attributable to the credit determined under this
subsection may be carried to a taxable year beginning on or
before the date of the enactment of this paragraph.
(f) Disposition of revenues from Puerto Rico and the Virgin Islands
The provisions of subsections (a)(3) and (b)(3) of section 7652
shall not apply to any tax imposed by section 4611.
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