Statements on Introduced Bills and Joint Resolutions

Floor Speech

By Mr. BOOZMAN (for himself and Mr. PRYOR):

S. 1350. A bill to exclude from gross income compensation provided for victims of the March 29, 2013, pipeline oil spill in Mayflower, Arkansas; to the Committee on Finance.

Mr. BOOZMAN. Mr. President, on March 29, 2013, the ExxonMobil pipeline
ruptured spilling an estimated 147,000 gallons of oil into Mayflower, Arkansas. Victims of this oil spill are rightfully being compensated by ExxonMobil, but the Internal Revenue Service has said that compensatory payments will be considered taxable income. These families should not have to pay taxes on this disaster relief assistance. The Mayflower Oil Spill Tax Relief Act of 2013 prohibits compensation to Mayflower oil spill victims from being taxed by treating it as ``a qualified disaster relief payment'' under current law. My colleague Senator PRYOR joins me in introducing this important legislation. I would also like to thank Representative TIM GRIFFIN for his support and leadership on the House companion version of the Mayflower Oil Spill Tax Relief Act of 2013.

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

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