26 U.S.C. § 4611
§ 4611. Imposition of tax
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
History
Added in 1980 by the Public Law 96-510. Last changed August 16, 2022 by the Inflation Reduction Act of 2022.
Every change, newest first (14)
- August 16, 2022Inflation Reduction Act of 2022
- December 27, 2020Consolidated Appropriations Act, 2021
- December 20, 2019Further Consolidated Appropriations Act, 2020 (SECURE Act)
- February 9, 2018Bipartisan Budget Act of 2018
- December 19, 2014Tax Increase Prevention Act of 2014
- October 3, 2008Emergency Economic Stabilization Act of 2008
- August 8, 2005Public Law 109-58
- November 5, 1990Omnibus Budget Reconciliation Act of 1990
- December 19, 1989Omnibus Budget Reconciliation Act of 1989
- December 12, 1989Public Law 101-221
- November 10, 1988Technical and Miscellaneous Revenue Act of 1988
- October 21, 1986Public Law 99-509
- October 17, 1986Public Law 99-499
- December 11, 1980Public Law 96-510 · added this section
The law as written
Current through Public Law 119-102. Amendment notes omitted.
Structure
There is hereby imposed a tax at the rate specified in subsection (c) on—
crude oil received at a United States refinery, and
petroleum products entered into the United States for consumption, use, or warehousing.
If—
any domestic crude oil is used in or exported from the United States, and
before such use or exportation, no tax was imposed on such crude oil under subsection (a),
then a tax at the rate specified in subsection (c) is hereby imposed on such crude oil.
Paragraph (1) shall not apply to any use of crude oil for extracting oil or natural gas on the premises where such crude oil was produced.
The rate of the taxes imposed by this section is the sum of—
the Hazardous Substance Superfund financing rate, and
the Oil Spill Liability Trust Fund financing rate.
For purposes of paragraph (1)—
the Hazardous Substance Superfund financing rate is 16.4 cents a barrel, and
the Oil Spill Liability Trust Fund financing rate is—
in the case of crude oil received or petroleum products entered before January 1, 2017, 8 cents a barrel, and
in the case of crude oil received or petroleum products entered after December 31, 2016, 9 cents a barrel.
In the case of a year beginning after 2023, the amount in paragraph (2)(A) shall be increased by an amount equal to—
such amount, multiplied by
the cost-of-living adjustment determined under section 1(f)(3) for the calendar year, determined by substituting “calendar year 2022” for “calendar year 2016” in subparagraph (A)(ii) thereof.
If any amount as adjusted under subparagraph (A) is not a multiple of $0.01, such amount shall be rounded to the next lowest multiple of $0.01.
The tax imposed by subsection (a)(1) shall be paid by the operator of the United States refinery.
The tax imposed by subsection (a)(2) shall be paid by the person entering the product for consumption, use, or warehousing.
The tax imposed by subsection (b) shall be paid by the person using or exporting the crude oil, as the case may be.
Except as provided in paragraph (2), the Oil Spill Liability Trust Fund financing rate under subsection (c) shall apply on and after April 1, 2006, or if later, the date which is 30 days after the last day of any calendar quarter for which the Secretary estimates that, as of the close of that quarter, the unobligated balance in the Oil Spill Liability Trust Fund is less than $2,000,000,000.
The Oil Spill Liability Trust Fund financing rate shall not apply after December 31, 2025.