Superfund Polluter Pays Act

To amend the Internal Revenue Code of 1986 to extend the financing of the Superfund. 1. Short title This Act may be cited as the Superfund Polluter Pays Act 2. Extension of Superfund taxes (a) Excise taxes (1) In general Section 4611(e) (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 (ii) by striking or exportation (iii) by striking and exportation (B) Section 4611(d)(3) of such Code is amended— (i) by striking or exporting the crude oil, as the case may be the crude oil (ii) by striking or exports (b) Corporate environmental income tax (1) Subchapter A of chapter 1 VII Environmental tax Sec. 59A. 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 (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, 55, (E) Section 1561(a) of such Code is amended— (i) by striking and , and (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) , 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 over plus (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 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 , and (iii) in subsection (g)(1)(A), by striking plus (iii) the tax imposed by section 59A, plus . (H) Section 9507(b)(1) of such Code is amended by inserting 59A, 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.

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.