Senate rejects reinstatement of industry Superfund tax
The US Senate, on a 56-43 vote Mar. 25, rejected efforts to revive an expired "Superfund" toxic waste tax on industry. Before 1995, oil and chemical companies were charged a fee on their products that went to a special cleanup trust fund; the excise tax on crude was 9.7¢/bbl. Superfund taxes also included a corporate environmental tax of 0.12% on taxable income over $2 million.