Oil Spill Resource Restoration Act

Oil Spill Resource Restoration Act - Requires the Commandant of the Coast Guard, in the case of a major spill on navigable water, the Secretary of the Interior, in the case of any other spill, and the Governor of the State in which the spill occurs to submit to the Administrator of the Environmental Protection Agency petitions for the initiation of an expedited damage assessment proceeding. Authorizes trustees and any persons affected by such spill to submit petitions to the Administrator.

Directs the Administrator, upon receiving a petition, to immediately initiate an expedited assessment of the damages to natural resources caused by the spill. Requires the Administrator to issue an order making a finding whether the spill is a major spill and, upon finding that it is a major spill, to: (1) designate lead Federal and State trustees, based on which Federal and State trustees' natural resources are most likely to be severely affected by such spill; (2) establish a natural resources trustee commission to be composed of such trustees and the Administrator; and (3) direct the responsible parties to establish a trust fund which is accessible to such commission and in an amount adequate to pay costs incurred by the commission in conducting a full assessment of the damages to natural resources and preparing a restoration and replacement plan. Authorizes the Administrator to revise such order upon submission of a petition asserting that the amount deposited in the trust fund is insufficient to carry out a full damage assessment.

Requires the commission to present a final claim to the responsible parties for the cost of repairing and replacing natural resources damaged by a spill. Authorizes the Commission to amend such claim upon receiving new information regarding the nature or extent of damages or destruction caused by such spill. Requires the responsible parties to deposit the final claim amount into the trust fund. Terminates the commission on a finding that natural resources were not significantly destroyed or damaged or that such resources have been restored to the extent practicable. Provides for automatic termination of the commission six years after the commission presents its final claim unless the commission finds specific reason to continue assessment and oversight functions.

Provides for judicial review of any order, final claim, or termination of the commission pursuant to this Act. Creates a rebuttable presumption that such orders and final claims shall be valid unless proven to be arbitrary, capricious, or otherwise not in accordance with law.

Makes responsible parties who fail to meet the requirements of this Act liable for specified punitive damages.

Amends the Internal Revenue Code to disallow any income tax deduction for oil or hazardous substances cleanup costs, including related legal expenses, unless: (1) the Secretary of the Treasury receives certification from the relevant authority that the taxpayer has made a good faith effort to comply with specified Federal environmental law; or (2) the discharge was caused by an act of God, an act of war, negligence on the part of the U.S. Government, or an act or omission of a third party.