S.827 - Big Oil Bailout Prevention Trust Fund Act of 2013113th Congress (2013-2014)
Summary: S.827 — 113th Congress (2013-2014)
Introduced in Senate (04/25/2013)
Big Oil Bailout Prevention Trust Fund Act of 2013 - Amends the Internal Revenue Code to eliminate: (1) the $1 billion per incident limitation on expenditures from the Oil Spill Liability Trust Fund for cleanup of oil spills, and (2) the limitation on the borrowing authority of such Trust Fund.
Amends the Oil Pollution Act of 1990 to direct the President to promulgate regulations to allow advance payments from the Oil Spill Liability Trust Fund to states and localities to prepare for and mitigate substantial threats from the discharge of oil.