Section 40416 of the Bipartisan Budget Act of 2018 temporarily reinstates the Oil Spill Liability Tax that expired on December 31, 2017 for the period beginning on March 1, 2018 through December 31, 2018. Section 4611 of the Internal Revenue Code has, for many years, imposed a tax of $0.09 cents per barrel on crude oil received at a refinery, and on petroleum products entered into the U.S. for consumption, use, or warehousing.
SEC. 40416. EXTENSION OF OIL SPILL LIABILITY TRUST FUND FINANCING RATE.
(a) IN GENERAL.—Section 4611(f)(2) is amended by striking ‘‘December 31, 2017’’ and inserting ‘‘December 31, 2018’’.
(b) EFFECTIVE DATE.—The amendment made by this section shall apply on and after the first day of the first calendar month beginning after the date of the enactment of this Act.