To amend the Internal Revenue Code of 1986 to extend the Leaking Underground Storage Tank Trust Fund financing rate.
Latest Action
Became Public Law No: 109-6.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™This bill, enacted as Public Law No: 109-6, amends the Internal Revenue Code of 1986 to extend the financing rate for the Leaking Underground Storage Tank (LUST) Trust Fund. The LUST Trust Fund is used to finance cleanup and corrective actions related to leaking underground storage tanks, which can pose environmental and public health risks. By extending the financing rate, the bill ensures continued funding for these environmental remediation efforts.
The law extends the financing mechanism for the LUST Trust Fund, maintaining federal resources for addressing leaking underground storage tanks.
- Amends the Internal Revenue Code of 1986 to extend the LUST Trust Fund financing rate.
- Ensures ongoing funding for cleanup of leaking underground storage tanks.
- Supports environmental protection efforts related to underground storage tanks.
['Environmental protection agencies responsible for underground storage tank cleanup', 'Communities affected by leaking underground storage tanks', 'Industries operating underground storage tanks that rely on federal cleanup programs']
['The bill does not specify the duration of the extension, which could affect long-term funding certainty.', 'No detailed cost or funding impact information is provided in the available text.', 'Oversight mechanisms for the use of extended funds are not described.']
The bill was introduced and passed in the 109th Congress and signed into law on March 31, 2005. It falls within the taxation policy area because it involves amending the Internal Revenue Code to extend a financing rate related to environmental cleanup funding.
Hidden impact flags detected: 2
GovScope reviewed 2 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
['Continued funding may encourage ongoing environmental remediation efforts, potentially reducing public health risks associated with leaking underground storage tanks.', 'Industries may maintain or increase compliance with storage tank regulations due to sustained cleanup funding.', 'Federal budget allocations for other programs could be indirectly affected by the continuation of this financing rate.']
The absence of a detailed bill summary and full text limits comprehensive analysis. Transparency would be improved by providing explicit information on the duration of the financing rate extension, cost implications, and oversight provisions to ensure accountability in fund management.
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