Superfund Excise Tax Act of 1985

Superfund Excise Tax Act of 1985 - Amends the Internal Revenue Code to impose an excise tax on the sale or lease in the United States and on the importation into the United States of tangible personal property. Provides that such tax shall not be imposed if a specified amount of tax is collected or if a specified amount of funds in the Hazardous Substance Response Trust Fund remains unspent. Terminates such tax after December 31, 1990.

Sets the amount of such tax at .08 percent of: (1) in the case of a sale, the price charged the purchaser of the property by the seller, including items payable to the seller with respect to such transaction; (2) in the case of any import, the customs value plus customs duties and any other duties imposed or the fair market value if there is no customs value; or (3) in the case of a lease, the gross lease payments received during the taxable period. Imposes such tax on either the manufacturer of such property or the importer of such property.

Exempts from such tax any imports of $10,000 or less and any property which is to be exported outside the United States. Provides that no excise tax shall be imposed on the sale or leasing of any property by the United States or other governmental entities or any tax-exempt organization.

Allows a credit against such tax on sales and leases. Allows a carryover of any excess credit.

Requires the seller, lessor, or importer of taxable property to file a tax return for such tax annually. Exempts from such return requirement a taxpayer whose aggregate taxable amount of sales or leases is $5,000,000 or less.