A bill to amend the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 to generate additional revenues for the Superfund and to provide for certain additional forms of assistance respecting releases of hazardous substances, to amend the Internal Revenue Code of 1954 to impose (in lieu of the tax on chemical feedstocks) an additional tax on hazardous wastes, and for other purposes.

Title I - Amends the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 ("Superfund Act") to authorize the Administrator of the Environmental Protection Agency to make grants to assist States in carrying out: (1) hazardous waste enforcement programs under the Solid Waste Disposal Act; and (2) remedial actions and other response measures necessary with respect to the release, or substantial threat of release, of any pollutant or contaminant from a facility which is not on the list of 400 top priority known response targets, but which the State determines may present an imminent and substantial danger to the public health or welfare.

Authorizes the Administrator to provide technical assistance to companies in the recycling of hazardous substances.

Requires that specified amounts appropriated to the Hazardous Substances Response Trust Fund be reserved for: (1) such grants to States; and (2) such technical assistance to companies.

Revises audit provisions to direct the Inspector General of each department or agency which has responsibility to obligate money in the Fund to: (1) report annually to the President and the Congress; and (2) specifically identify in such report any payments from the Fund for any administrative costs that are not reasonably necessary for and incidental to the implementation of provisions for hazardous substances releases, liability and compensation.

Provides for reimbursement to the Fund of improper expenditures by any department or agency.

Authorizes appropriations to the Fund for FY 1986 through 1995.

Title II - Amends the Internal Revenue Code to repeal the environmental tax on chemical feedstocks.

Provides for a new "tax on generation of hazardous wastes." Imposes such tax on hazardous waste treatment, transport, disposal, or storage for more than one year.

Directs the Administrator, for purposes of determining such tax, to notify the Secretary of the Treasury and publish in the Federal Register before July 31, 1995, a classification of all listed hazardous wastes and residues as: (1) extremely hazardous waste; (2) highly hazardous waste; or (3) nontoxic hazardous waste. Provides for subsequent classification of hazardous wastes listed after such date. Provides that any hazardous waste not otherwise classified shall be considered to be highly hazardous waste. Sets forth provisions for records, statements, and returns relating to such tax. Makes such tax effective on October 1, 1985. Sets forth tables for determination of the amount of such tax before October 1, 1990. Provides that such amount shall be doubled with respect to any event occurring after September 30, 1990. Terminates such tax after September 30, 1995.

Revises provisions for a tax on hazardous wastes to give such provisions a new heading "Tax on disposal of hazardous wastes" (as of October 1, 1985). Extends such tax (on the receipt of hazardous waste at a qualified disposal facility) through September 30, 1995.

Amends sunset provisions of the Superfund Act to extend the authority to collect taxes conferred by such Act through September 30, 1995, unless such authority is reauthorized by Congress.