This law created a tax on the chemical and petroleum industries and provided broad Federal authority to respond directly to releases or threatened releases of hazardous substances that may endanger public health or the environment.

Over five years, $1.6 billion was collected and the tax went to a trust fund for cleaning up abandoned or uncontrolled hazardous waste sites.

CERCLA:

Established prohibitions and requirements concerning closed and abandoned hazardous waste sites.

• Provided for liability of persons responsible for releases of hazardous waste at these sites.

• Established a trust fund to provide for cleanup when no responsible party could be identified.