Ozone Protection and CFC Reduction Act of 1987

Ozone Protection and CFC Reduction Act of 1987 - Amends the Internal Revenue Code to impose an excise tax on: (1) any ozone-depleting chemical sold or used by its manufacturer, producer, or importer; and (2) any substance sold or used by its importer if its manufacture or production included the use of any ozone-depleting chemical. Fixes the rate of such tax at an amount equal to a base amount, adjusted annually for inflation, times the ozone-depletion factor for the pertinent chemical, as determined in accordance with this Act.

Describes the criteria to be used for determining which substances will be considered as ozone-depleting chemicals for purposes of the excise tax. Lists specific chlorofluorocarbons to be included among such chemicals.

Exempts from the tax: (1) certain products containing a de minimis amount of ozone-depleting chemicals; and (2) chemicals diverted or recovered in the United States as part of a recycling process.

Imposes a floor stocks tax on ozone-depleting chemicals: (1) on which tax would be due if sold by the manufacturer on the effective date of the tax; and (2) which are held on such date for sale by a dealer. Sets the amount of such inventory tax to equal the excise tax amount.