Superfund Revenue Reauthorization Act of 1985

Superfund Revenue Reauthorization Act of 1985 - Amends the Internal Revenue Code to reduce the environmental excise tax on petroleum from 0.79 cent per barrel to 0.17 cent per barrel. Extends such tax from September 30, 1985, to September 30, 1990. Allows for an earlier suspension of such tax if the unobligated balance in the Hazardous Substance Superfund exceeds specified levels.

Revises the rate of the environmental excise tax imposed on certain chemicals. Imposes such tax on additional chemicals not presently taxed. Provides for annual inflation adjustments in the amount of such tax. Allows an exemption from such tax for chemicals sold for export. Sets forth special rules and certain exemptions for specified chemicals.

Repeals the present environmental excise tax on hazardous waste. Amends the Hazardous Substance Response Revenue Act of 1980 and the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) to repeal provisions relating to the Post-Closure Liability Trust Fund.

Imposes an environmental excise tax on any imported substance which is directly and substantially manufactured or produced from raw materials or feedstocks consisting of one or more taxable chemicals.

Imposes an environmental excise tax on: (1) the receipt of hazardous waste at a qualified waste management unit; and (2) the receipt of hazardous waste for transport from the United States for the purpose of ocean disposal. Sets forth the rate of such tax. Provides that such tax shall be paid: (1) by the owner or operator of the qualified hazardous waste management unit for land disposal; or (2) by the person holding the permit for transport for ocean disposal. Terminates such tax after March 31, 1991. Allows for an earlier termination based on revenues raised by such tax.

Exempts from such tax any receipt of hazardous waste pursuant to any removal or remedial action under CERCLA if: (1) such action is approved by the Administrator of the Environmental Protection Agency; and (2) the release, or threatened release, of the hazardous substance which caused such removal or remedial action occurred before October 1, 1985.

Allows a credit or refund of such tax for any hazardous waste which undergoes a qualified treatment. Imposes an environmental excise tax on the generator of hazardous waste if no tax has been imposed on the receipt of such waste within the 270-day period beginning on the day after such waste was generated.

Authorizes the Secretary of the Treasury to adjust the rates of such environmental excise taxes if the Secretary determines that there will be a cumulative short fall for specified fiscal years. Sets forth the method for prescribing such adjustment based on aggregate revenue targets for specified fiscal years.

Requires persons responsible for the payment of such environmental taxes to submit such information to the Secretary as may be required by regulation. Sets forth penalties for failure to provide such information.

Establishes within the Treasury the Hazardous Substance Superfund (Superfund). Transfers to such Superfund amounts equivalent to: (1) revenues raised by environmental excise taxes; (2) amounts recovered on behalf of the Superfund under CERCLA: (3) amounts recovered or collected under certain provisions of the Clean Water Act; (4) certain penalties assessed under CERCLA; and (5) certain punitive damages assessed under CERCLA.

Authorizes expenditures from such Superfund to carry out certain purposes specified in CERCLA. Limits the liability of the United States for any claim filed against the Superfund to the amount in such Superfund.

Authorizes appropriations to such Superfund for FY 1986 through 1990.

Provides that the Superfund shall be treated for all purposes of law as a continuation of the Hazardous Substance Response Trust Fund as established by the Hazardous Substance Response Revenue Act of 1980.