Section 1 Short title
This Act may be cited as the “Superfund Polluter Pays Act”.
Superfund Polluter Pays Act
A BILL
To amend the Internal Revenue Code of 1986 to extend the financing of the Superfund.
Sec. 2 Extension of Superfund taxes
Excise taxes—
In general— Section 4611(e) of the Internal Revenue Code of 1986 is amended to read as follows:
“(e) Application of hazardous substance superfund financing rate—The Hazardous Substance Superfund financing rate under this section shall apply after December 31, 1986, and before January 1, 1996, and after the date of the enactment of this subsection and before January 1, 2021.”
Technical amendments—
Section 4611(b) of such Code is amended—
by striking “or exported from” in paragraph (1)(A),
by striking “or exportation” in paragraph (1)(B), and
by striking “and exportation” in the heading.
Section 4611(d)(3) of such Code is amended—
by striking “or exporting the crude oil, as the case may be” in the text and inserting “the crude oil”, and
by striking “or exports” in the heading.
Corporate environmental income tax—
Subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended to read as follows:
“VII Environmental tax
“59A. Environmental tax
“(a) Imposition of tax—In the case of a corporation, there is hereby imposed (in addition to any other tax imposed by this subtitle) a tax equal to 0.12 percent of the excess of—
“(1) the modified alternative minimum taxable income of such corporation for the taxable year, over
“(2) $2,000,000.
“(b) Modified alternative minimum taxable income—For purposes of this section, the term modified alternative minimum taxable income means alternative minimum taxable income (as defined in section 55(b)(2)) but determined without regard to—
“(1) the alternative tax net operating loss deduction (as defined in section 56(d)), and
“(2) the deduction allowed under section 164(a)(5).
“(c) Exception for RICs and REITs—The tax imposed by subsection (a) shall not apply to—
“(1) a regulated investment company to which part I of subchapter M applies, and
“(2) a real estate investment trust to which part II of subchapter M applies.
“(d) Special rules
“(1) Short taxable years—The application of this section to taxable years of less than 12 months shall be in accordance with regulations prescribed by the Secretary.
“(2) Section 15 not to apply—Section 15 shall not apply to the tax imposed by this section.
“(e) Application of tax—The tax imposed by this section shall apply to taxable years beginning after the date of the enactment of this subsection and before January 1, 2021.”
Conforming amendments—
Paragraph (2) of section 26(b) of such Code is amended by inserting after subparagraph (A) the following:
“(B) section 59A (relating to environmental tax),”
Section 164(a) of such Code is amended by adding at the end the following:
“(5) The environmental tax imposed by section 59A.”
Section 275(a) of such Code is amended by adding at the end the following: “Paragraph (1) shall not apply to the tax imposed by section 59A.”.
Section 882(a)(1) of such Code is amended by inserting “59A,” after “55,”.
Section 1561(a) of such Code is amended—
by striking “and” at the end of paragraph (2), by striking the period at the end of paragraph (3) and inserting “, and”, and by inserting after paragraph (3) the following:
“(4) one $2,000,000 amount for purposes of computing the tax imposed by section 59A.”
by striking “and the amount specified in paragraph (3)” and inserting “, the amount specified in paragraph (3), and the amount specified in paragraph (4)”.
Section 6425(c)(1)(A) of such Code is amended by striking “plus” at end of clause (i), by striking “over” and inserting “plus” at the end of clause (ii), and by inserting after clause (ii) the following:
“(iii) the tax imposed by section 59A, over”
Section 6655 of such Code is amended—
in subsections (e)(2)(A)(i) and (e)(2)(B)(i), by striking “taxable income and alternative minimum taxable income” and inserting “taxable income, alternative minimum taxable income, and modified alternative minimum taxable income”,
in subsection (e)(2)(B), by adding at the end the following:
“(iii) Modified alternative minimum taxable income—The term modified alternative minimum taxable income has the meaning given to such term by section 59A(b).”
in subsection (g)(1)(A), by striking “plus” at the end of clause (ii), by redesignating clause (iii) as clause (iv), and by inserting after clause (ii) the following:
“(iii) the tax imposed by section 59A, plus”
Section 9507(b)(1) of such Code is amended by inserting “59A,” after “section”.
The table of parts for subchapter A of chapter 1 of such Code is amended by inserting after the item relating to part VI the following:
Effective dates—
Excise taxes— The amendments made by subsections (a) and (c) shall take effect on the date of the enactment of this Act.
Income tax— The amendment made by subsection (b) shall apply to taxable years beginning after the date of the enactment of this Act.