Hazardous Substance Response Act of 1985

Hazardous Substance Response Act of 1985 - Amends the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (Superfund) (CERCLA) and the Internal Revenue Code to add provisions for the imposition of an environmental excise tax on the disposal or long-term storage of hazardous waste.

Sets such tax at: (1) $45 for each ton of hazardous waste disposed of by landfill, in waste piles, or by surface impoundment; (2) $25 for each ton of hazardous waste which is disposed of by ocean dumping or land treatment; (3) $5 for each ton of hazardous waste which is disposed of by underground injection; and (4) $45 for each ton of hazardous waste which is placed in long-term storage.

Allows the owner or operator of a qualified hazardous waste disposal or long-term storage facility to elect to pay a tax of $50 per ton in lieu of such schedule.

Excludes from such tax wastes which are: (1) exempt from regulation as hazardous waste or not listed under specified provisions of the Solid Waste Disposal Act; (2) treated waste waters in a surface impoundment which is in compliance with water monitoring requirements for facilities with permits under the Solid Waste Disposal Act; and (3) being disposed of or stored by any person in the course of carrying out any removal or remedial action under CERCLA in accordance with an approved plan, removed from any facility listed on the National Priorities List, or removed from a facility for which notification has been provided to the Administrator of the Environmental Protection Agency pursuant to specified provisions of CERCLA.

Imposes such tax on: (1) the owner or operator of the qualified hazardous waste disposal or storage facility; or (2) the person disposing of the hazardous waste, against regulations, at other than a qualified disposal or storage facility.

Requires that a credit be allowed for any tax previously paid under this Act by the disposer or the deliverer to a qualified facility on the long-term storage of such hazardous waste.

Presumes last in, first out for tax credit purposes for fungible waste placed in qualified storage.

Imposes the excise tax prospectively only. Terminates such tax after FY 1990.

Sets forth requirements for recordkeeping, statements, and tax returns for persons disposing of or storing hazardous waste for one year or more, consistent with requirements for reports to be submitted to the Administrator under the Solid Waste Disposal Act. Authorizes the Secretary of the Treasury to receive copies of reports such persons are required to make under the Solid Waste Disposal Act, the Marine Protection, Research and Sanctuaries Act, or the Safe Drinking Water Act.

Directs the Secretary to report annually to the Congress through January 1989 on the amount of revenues collected and the effectiveness of this Act in raising revenue and discouraging the environmentally unsound disposal of waste.

Includes these revenues in the Hazardous Substance Response Trust Fund (Superfund).