Energy Workers Compensation Fund

(a) Creation of trust fund There is established in the Treasury of the United States a trust fund to be known as the Energy Workers Health Compensation Fund. (b) Deposits (1) In general Each oil company shall pay with respect to each calendar year (not later than March 31 of the calendar year immediately following such calendar year) an amount equal to the aggregate amounts paid as compensation (including the fair market value of any deferred compensation) to the 10 most highly paid (taking into account all compensation taken into account under this subsection) employees of such company during such calendar year. Such amounts shall be deposited into the Energy Workers Health Compensation Fund. (2) Penalties for underpayments If the Secretary of Labor determines that the amount paid by any oil company with respect to any calendar year is less than 98 percent of the amount properly determined under paragraph (1), such oil company shall pay an additional amount equal to 10 percent of such difference. Such amount shall be deposited into the Energy Workers Health Compensation Fund. (3) Elective contributions An oil company may contribute, in addition to any amount required to be paid under paragraph (1) or (2), an additional amount to the Energy Workers Health Compensation Fund not in excess of the amount required to be paid under paragraph (1). (4) Tax treatment of contributions No deduction shall be allowed under section 162 (or any other provision) of the Internal Revenue Code of 1986 for any amount required to be paid under paragraph (1) or (2) or any amount contributed to the Energy Workers Health Compensation Fund which is in excess of the amount permitted under paragraph (3). (c) Expenditures Amounts in the compensation fund shall be available to the Secretary of Labor, without need of further appropriation, for the purposes of section 3.