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The American Counsel for Capital Formation considered the carbon tax at a Sep 30, 1992 conference. A modest carbon tax was supported by Lawrence H. Summers of the World Bank. W. David Montgomery of Charles River Associates criticized the tax and said it might hurt investment. Richard S. Lindzen of the Massachusetts Institute of Technology criticized the scientific consensus about global warming which lends support to a carbon tax.

Many states are adding taxes for environmental protection reasons, including Indiana, Massachusetts, Washington and California. Taxes cover recycling, solid waste, oil spills, pollution, sewerage, nuclear waste, underground tanks, credits for alternative energy, exemptions for pollution control facilities and fees. Another growing practice is the use of IRC section 468B(g) qualified settlement funds to allow tax deductions for Superfund contributions.

Marcus S. Owens and T.J. Sullivan of the Internal Revenue Service spoke about section 501(c)(3) exemptions for health maintenance organizations (HMOs) and bonds for new health facilities. Owens said that new rules are intended to foster compliance rather than lead to closing facilities, and that most problems arise with nursing homes rather than hospitals. Sullivan said that the Geisinger Health Plan decision will not lead to more HMOs receiving tax-exempt status.

Jody Brewster of the Internal Revenue Service explained the new regulations for section 1374, concerning net recognizable built-in gains (NRBIG). The purpose of the regulations is to prevent corporations which convert to S corporations from using their new status for NRBIG valuation of assets acquired before the S conversion. If costs overlap the S conversion date, then the IRS will probably use an accrual accounting method.