Superfund Revenue Act of 1985

Superfund Revenue Act of 1985 - Amends the Internal Revenue Code to extend the environmental excise tax on petroleum from September 30, 1985, to September 30, 1990. Allows for an early suspension of such tax if the unobligated balance in the Hazardous Substance Response Trust Fund (Superfund) exceeds specified levels. Authorizes appropriations under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 for the Superfund for FY 1981 through 1990.

Imposes a Superfund surcharge tax on all domestic and foreign corporations and partnerships carrying on trade or business activities within the United States. Determines the tax liability based on four categories of trade or business activities: (1) chemical and allied products or petroleum refining and related industries; (2) rubber and miscellaneous plastic products, primary metal industries, or fabricated metal products; (3) manufacturing; and (4) the provision of services. Calculates the amount of surtax based on the size of the taxpayer's workforce. Sets forth procedures for determining the total number of employees in the taxpayer's workforce and rules for allocation of the total work force among the taxpayer's various business activities. Sets forth definitions and special rules. Requires taxpayers to file returns with respect to such surtax.

Provides that agencies of the Federal, State, or local governments will be exempt from the Superfund surcharge tax to the extent that the entity generates no more than 1000 kilograms per month of hazardous waste. Provides that organizations exempt from Federal income tax are exempt from the surcharge tax (except to the extent that such organizations are carrying on an unrelated trade or business).

Exempts the manufacture of exported good and services from the Superfund surcharge tax. Provides a mechanism for the rebate of the Superfund surcharge tax at the United States border in the case of exports by taxpayers.

Imposes an import equalization fee on the importation of products and services in an amount reflecting the average price increase in domestically-produced products and services attributable to the Superfund surcharge tax. Specifies procedures for computing the equalization fee.

Permits the Secretary of the Treasury to suspend the Superfund surcharge if the Secretary determines that more than $10,100,000,000 will be credited to the Superfund before September 30, 1990. Allows for reductions and increases in the surcharge under specified circumstances.

Terminates the Superfund surcharge tax on December 31, 1990.

Amends the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 to allow funds to be advanced to the Superfund. Establishes limitations on such advances.