To amend the Internal Revenue Code of 1986 to deny any deduction for cleanup and damage costs attributable to certain oil spills in navigable waters.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to disallow an income tax deduction for business expenses incurred as removal or liability costs resulting from the discharge from a vessel onto navigable waters of oil being transported by or for the taxpayer. Applies this deduction denial retroactively with respect to amounts incurred in taxable years 1989 and thereafter.…