Ozone Protection and CFC Reduction Act of 1989

Ozone Protection and CFC Reduction Act of 1989 - 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 a tax rate 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 this tax. Presents an initial list of 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.