Superfund Excise Tax Act of 1985

[AI summary unavailable — showing source text] Superfund Excise Tax of 1985 - Amends the Internal Revenue Code to impose an excise tax on the sale, lease, or importation of tangible personal property in the United States in order to finance the Hazardous Substance Response Trust Fund (Superfund). Provides that the tax rate shall be eight-tenths of one percent of the taxable amount. Terminates the imposition of this tax after December 31, 1990. Establishes procedures for the proration of the tax where the taxable period extends beyond the termination date. Provides that the taxable amount shall be: (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 on the fair market value if there is no customs value; and (3) in the case of a lease, the gross lease payments received under the lease. Sets forth special rules where the sale or lease payments are received in more than one taxable period. Exempts from the tax any property which is to be exported outside the United States. Exempts from the tax any import into the United States …