Sec. 101. Marine Debris Response Trust Fund
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/bill/116/s/1982/is/section-101A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Subchapter A of chapter 98 of the Internal Revenue Code of 1986 is amended by adding at the end the following: There is established in the Treasury of the United States a trust fund to be known as the Marine Debris Response Trust Fund , consisting of such amounts as may be appropriated or credited to the Trust Fund as provided in this section. Amounts in the Marine Debris Response Trust Fund shall be available for the National Oceanic and Atmospheric Administration to respond to a marine debris event described in paragraph (2), which may include— monitoring, response, and prevention; providing funding to States, territories, Tribes, and other United States Government and nongovernmental organizations supporting prevention, cleanup, and response efforts; or administrative costs relating to distributing amounts from the Trust Fund.
A marine debris event described in this paragraph is an event that affects or may affect the United States involving— marine debris caused by a natural event, including a tsunami, flood, landslide, hurricane, or other natural source; distinct, nonrecurring marine debris, including derelict vessel groundings and container spills, that have immediate or long-term impacts on habitats with high ecological, economic, or human-use values; or marine debris caused by an intentional or grossly negligent act or acts that causes substantial economic or environmental harm.
The maximum amount that may be paid from the Marine Debris Response Trust Fund with respect to any single event may not exceed $100,000,000. A payment may be made from the Marine Debris Response Trust Fund only if the amount in the Trust Fund after the payment will not be less than $1,000,000. Amounts in the Marine Debris Response Trust Fund may not exceed $500,000,000. There are authorized to be appropriated to the Marine Debris Response Trust Fund $2,000,000 for fiscal year 2020 to establish the Trust Fund.
There are authorized to be appropriated to the Marine Debris Response Trust Fund, as repayable advances, such sums as may be necessary to carry out the purposes of the Trust Fund. The maximum aggregate amount of repayable advances to the Marine Debris Response Trust Fund outstanding at any one time may not exceed $1,000,000. Advances made to the Marine Debris Response Trust Fund shall be repaid, and interest on such advances shall be paid, to the general fund of the Treasury when the Secretary of Commerce, in consultation with the Secretary of the Treasury, determines that amounts are available for such purposes in the Trust Fund.
No advance may be made to the Marine Debris Response Trust Fund after September 30, 2035, and all advances to such Fund shall be repaid on or before that date. Interest on advances made pursuant to this subsection shall be— at a rate determined by the Secretary of the Treasury (as of the close of the calendar month preceding the month in which the advance is made) to be equal to the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the anticipated period during which the advance will be outstanding, and compounded annually.
Amounts in the Marine Debris Response Trust Fund shall— be available without fiscal year limitation and without apportionment; and shall supplement and not supplant other amounts available for responding to marine debris events. The Secretary of the Treasury shall invest amounts in the Marine Debris Response Trust Fund in interest bearing obligations of the United States to the extent such amounts are not required to meet current withdrawals. Interest earned by such investments shall be credited to, and become a part of, the Trust Fund.
The Under Secretary of Commerce for Oceans and Atmosphere shall prescribe regulations— providing for a process for submitting a claim to the Marine Debris Response Trust Fund and for distributing amounts from the Trust Fund pursuant to those claims; and providing guidance with respect to what constitutes an event for which amounts will be distributed from the Trust Fund. Any claim filed against the Marine Debris Response Trust Fund may be paid only out of the Trust Fund. If at any time the Marine Debris Response Trust Fund has insufficient funds to pay all of the claims out of the Trust Fund at such time, such claims shall, to the extent permitted under paragraph (1), be paid in full in the order in which they were finally determined.
A gift, award, devise, or bequest, and non-Federal amounts from legal judgments or settlements may be accepted by the Marine Debris Response Trust Fund without regard to whether the gift, devise, or bequest is encumbered, restricted, or subject to beneficial interests of private persons if any current or future interest in the gift, devise, or bequest is for the benefit of the Trust Fund. Any gifts, awards, devises, or bequests given to or received from a person in a foreign country by or to the Marine Debris Response Trust Fund shall be made only with the concurrence of the Secretary of State, in consultation, as appropriate, with the Administrator of the United States Agency for International Development. .
The table of sections for subchapter A of chapter 98 of such Code is amended by adding at the end the following: Sec. 9512. Marine Debris Response Trust Fund. .