Ocean Dumping Liability Act

Amends the Marine Protection, Research, and Sanctuaries Act of 1972 to set forth the Ocean Dumping Liability Act.

Makes persons involved in ocean dumping jointly, severally, and strictly liable for removal costs and damages that result from such dumping. Lists covered damages as damages resulting from injury to or loss of natural resources or real or personal property or losses of revenues, profits, or earning capacities. Establishes defenses to liability and places monetary limits with respect to total liability for ocean dumping. Makes limits inapplicable in cases where the dumping is caused by gross negligence or willful misconduct or the violation of a Federal regulation.

Provides that in the case of injury to natural resources, liability shall be to the Federal Government, a State, or an Indian tribe for resources controlled by such entities. Requires the designation of Federal, State, and Indian tribe trustees for such resources. Requires trustees to assess damages to, and implement plans for the restoration of, such resources. Prohibits double recovery for natural resource damages. Requires recovered sums to be used only for costs incurred with respect to such damages.

Prohibits the transfer of liability through any indemnification, hold harmless, or similar agreement.

Bars an action for: (1) damages unless the action is brought within three years after the date on which the loss in connection with the dumping is reasonably discoverable; (2) recovery of removal costs unless the action is commenced within three years after the date of completion of the removal; and (3) contribution unless the action is brought within three years after the date of issuance of a judgment in any action for recovery of removal costs or damages for which contribution is sought or the date of entry of a judicially approved settlement with respect to such costs or damages. Prohibits actions based on the subrogation of rights by reason of payment of a claim unless commenced within three years after the date of payment of the claim.

Preserves State and local authority to impose liability and penalties with respect to ocean dumping.

Makes the Limitation of Liability Act inapplicable to removal costs and damages that directly result from ocean dumping.