Superfund Polluter Pays Act

Summary: Superfund Polluter Pays Act  Amends the Internal Revenue Code to reinstate and extend through December 31, 2020, the Hazardous Substance Superfund financing rate and the corporate environmental income tax. 

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Superfund Polluter Pays Act''.

SEC. 2. EXTENSION OF SUPERFUND TAXES.

    (a) Excise Taxes.--
            (1) 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.''.
            (2) Technical amendments.--
                    (A) Section 4611(b) of such Code is amended--
                            (i) by striking ``or exported from'' in 
                        paragraph (1)(A),
                            (ii) by striking ``or exportation'' in 
                        paragraph (1)(B), and
                            (iii) by striking ``and Exportation'' in 
                        the heading.
                    (B) Section 4611(d)(3) of such Code is amended--
                            (i) by striking ``or exporting the crude 
                        oil, as the case may be'' in the text and 
                        inserting ``the crude oil'', and
                            (ii) by striking ``or exports'' in the 
                        heading.
    (b) Corporate Environmental Income Tax.--
            (1) Subchapter A of chapter 1 of the Internal Revenue Code 
        of 1986 is amended to read as follows:

                     ``PART VII--ENVIRONMENTAL TAX

``Sec. 59A. Environmental tax.

``SEC. 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.''.
            (2) Conforming amendments.--
                    (A) 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),''.
                    (B) Section 164(a) of such Code is amended by 
                adding at the end the following:
            ``(5) The environmental tax imposed by section 59A.''.
                    (C) 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.''.
                    (D) Section 882(a)(1) of such Code is amended by 
                inserting ``59A,'' after ``55,''.
                    (E) Section 1561(a) of such Code is amended--
                            (i) 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.''; and
                            (ii) by striking ``and the amount specified 
                        in paragraph (3)'' and inserting ``, the amount 
                        specified in paragraph (3), and the amount 
                        specified in paragraph (4)''.
                    (F) 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''.
                    (G) Section 6655 of such Code is amended--
                            (i) 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'',
                            (ii) 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).'', and
                            (iii) 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''.
                    (H) Section 9507(b)(1) of such Code is amended by 
                inserting ``59A,'' after ``section''.
                    (I) 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:

                    ``Part VII. Environmental Tax''.

    (c) Effective Dates.--
            (1) Excise taxes.--The amendments made by subsections (a) 
        and (c) shall take effect on the date of the enactment of this 
        Act.
            (2) Income tax.--The amendment made by subsection (b) shall 
        apply to taxable years beginning after the date of the 
        enactment of this Act.