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, 2024.”
Rate of tax adjusted for inflation—
In general— Section 4611(c)(2)(A) of such Code is amended by striking “9.7 cents” and inserting “16.3 cents”.
Continued adjustment for inflation— Section 4611(c) of such Code is amended by adding at the end the following new paragraph:
“(3) Inflation adjustment
“(A) In general—In the case of a calendar year beginning after 2019, the 16.3 cents amount in paragraph (2)(A) shall be increased by an amount equal to—
“(i) such dollar amount, multiplied by
“(ii) the cost-of-living adjustment determined under section 1(f)(3) for such calendar year, determined by substituting “calendar year 2018” for “calendar year 2016” in subparagraph (A)(ii) thereof.
“(B) Rounding—If any amount as adjusted under subparagraph (A) is not a multiple of 0.1 cents, such amount shall be rounded to the nearest multiple of 0.1 cents.”
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 by adding at the end the following new part:
“VIII Environmental Tax
“59B. 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 environmental tax taxable income of such corporation for the taxable year, over
“(2) $3,130,000.
“(b) Modified environmental tax taxable income—For purposes of this section, the term modified environmental tax taxable income means taxable income determined without regard to—
“(1) the net operating loss deduction allowable under section 172, 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) Inflation adjustment
“(1) In general—In the case of a taxable year beginning after 2019, the $3,130,000 amount in subsection (a)(2) shall be increased by an amount equal to—
“(A) such dollar amount, multiplied by
“(B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting “calendar year 2018” for “calendar year 2016” in subparagraph (A)(ii) thereof.
“(2) Rounding—If any amount as adjusted under paragraph (1) is not a multiple of $10,000, such amount shall be rounded to the nearest multiple of $10,000.
“(f) 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, 2025.”
Conforming amendments—
Paragraph (2) of section 26(b) of such Code is amended by striking “and” at the end of subparagraph (X), by striking the period at the end of subparagraph (Y) and inserting “, and”, and by adding at the end the following new subparagraph:
“(Z) section 59B (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 59B.”
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 59B.”.
Section 882(a)(1) of such Code is amended by striking “or 59A” and inserting “, 59A, or 59B”.
Section 1561(a) of such Code is amended by inserting “and one dollar amount in effect under section 59B(a)(2) for purposes of computing the tax imposed by section 59B” after “under section 535(c)(2) and (3)”.
Section 6425(c)(1)(A) of such Code is amended by striking “plus” at the 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 59B, over”
Section 6655 of such Code is amended—
in subsections (e)(2)(A)(i) and (e)(2)(B)(i), by striking “taxable income and modified taxable income” and inserting “taxable income, modified taxable income, and modified environmental tax taxable income”,
in subsection (e)(2)(B), by adding at the end the following new clause:
“(iii) Modified environmental tax taxable income—The term modified environmental tax taxable income has the meaning given to such term in section 59B(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 59B, plus”
Section 9507(b)(1) of such Code is amended by inserting “59B,” before “4611”.
The table of parts for subchapter A of chapter 1 of such Code is amended by inserting after the item relating to part VII the following new item:
Effective dates—
Excise taxes— The amendments made by subsection (a) shall take effect on the date of the enactment of this Act.
Income tax— The amendments made by subsection (b) shall apply to taxable years beginning after the date of the enactment of this Act.