Sec. 522. Denial of deduction for removal costs and damages for certain oil spills
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Part IX of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: No deduction shall be allowed under this chapter for any amount paid or incurred with respect to any costs or damages for which the taxpayer is liable under section 1002 of the Oil Pollution Act of 1990 ( 33 U.S.C. 2702 ). . The table of sections for part IX of subchapter B of chapter 1 of such Code is amended by adding at the end the following new item:
Sec. 280I. Expenses for removal costs and damages relating to certain oil spill liability. . The amendments made by this section shall apply with respect to any liability arising in taxable years ending after the date of the enactment of this Act.
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Sec. 522
Denial of deduction for removal costs and damages for certain oil spills
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