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II
118TH CONGRESS
1ST SESSION
S. 1942
To amend the Internal Revenue Code of 1986 to terminate the Hazardous
Substance Superfund financing rate.
IN THE SENATE OF THE UNITED STATES
JUNE 13, 2023
Mr. BARRASSO (for himself, Ms. LUMMIS, Mrs. BLACKBURN, Mr. LANKFORD,
Mr. RISCH, Mr. LEE, Mr. SCOTT of South Carolina, Mr. HOEVEN, and
Mr. THUNE) introduced the following bill; which was read twice and re-
ferred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to terminate
the Hazardous Substance Superfund financing rate.
Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Pay Less at the Pump
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Act’’.
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SEC. 2. TERMINATION OF HAZARDOUS SUBSTANCE SUPER-
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FUND FINANCING RATE.
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(a) IN GENERAL.—Section 4611 of the Internal Rev-
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enue Code of 1986 (as amended by section 13601 of Pub-
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•S 1942 IS
lic Law 117–169) is amended by inserting after subsection
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(d) the following new subsection:
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‘‘(e) APPLICATION
OF
HAZARDOUS
SUBSTANCE
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SUPERFUND FINANCING RATE.—The Hazardous Sub-
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stance Superfund financing rate under this section shall
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not apply after December 31, 2022.’’.
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(b) TERMINATION OF AUTHORITY FOR ADVANCES.—
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Section 9507(d)(3)(B) of such Code (as so amended) is
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amended—
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(1) by striking ‘‘December 31, 2032’’ and in-
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serting ‘‘the date of the enactment of the Pay Less
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at the Pump Act’’, and
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(2) by striking ‘‘on or before such date’’ and in-
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serting ‘‘on a quarterly basis from unobligated
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amounts available in such Fund until repaid in full’’.
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(c) EFFECTIVE DATE.—
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(1) IN
GENERAL.—The amendment made by
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subsection (a) shall take effect on January 1, 2023.
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(2) TERMINATION
OF
AUTHORITY
FOR
AD-
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VANCES.—The amendments made by subsection (b)
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shall take effect on the date of the enactment of this
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Act.
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Æ
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