Pallone Helps Secure Inclusion of Superfund Tax on Oil and Petroleum Companies in Inflation Reduction Act

Washington, DC – Congressman Frank Pallone, Jr. (NJ-06) applauded the inclusion of the Superfund tax on oil and petroleum companies in the Inflation Reduction Act. The reinstatement of the tax is effective January 1, 2023. The tax is expected to raise $11.7 billion. Pallone has long advocated for reinstating the tax on these companies to ensure polluters, not taxpayers, foot the bill for cleaning up waste and pollution. In July, the Superfund tax was reinstated on chemical companies thanks to the Bipartisan Infrastructure Law.

Pallone has long fought to reinstate the full Superfund taxes on corporate polluters that expired in 1995. Earlier this year, he reintroduced the Superfund Polluter Pays Act, legislation to reinstate the full Superfund taxes, including taxes on crude oil and petroleum products.

"Today marks a historic day in our campaign to clean up Superfund sites. Thanks to the Inflation Reduction Act, American taxpayers will not have to pay for the mistakes of corporate polluters," Pallone said. "I'm pleased that the tax on oil and petroleum companies will now be reinstated. With this new funding source, the Environmental Protection Agency will be able to tackle more cleanups and address cleanup backlogs years in the making. Taxpayers are tired of footing the bill for cleanups, and I'll continue to fight to ensure that we hold the corporations responsible for polluting our communities accountable."

Pallone has been a longtime advocate for cleanup of Superfund polluting sites in New Jersey and around the nation. An estimated 50 percent of the state's population lives within three miles of a Superfund site. In August, Pallone hosted EPA Administrator Michael S. Regan in Old Bridge to announce that EPA would advance cleanup of the Raritan Bay Slag Superfund site in Old Bridge Township and Sayreville. As a result of Pallone's advocacy, the Raritan Bay Slag site was placed on EPA's Superfund National Priorities List in 2009.