To amend the Internal Revenue Code of 1986 to deny any deduction for certain oil and hazardous substance cleanup costs.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to disallow a deduction for certain costs incurred in connection with any oil discharge or hazardous substance release. Provides an exception to such rule for any taxpayer who has a complete liability defense or qualifies for a liability limitation with respect to such discharge or release. Provides a limitation on the use of the net operating loss deduction to offset deductions disallowed by this Act.…