‘‘(e) APPLICATION
OF
HAZARDOUS
SUBSTANCE 
SUPERFUND FINANCING RATE.—The Hazardous Sub-
stance 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 sub-
section and before January 1, 2024.’’. 
(2) RATE OF TAX ADJUSTED FOR INFLATION.— 
(A) IN GENERAL.—Section 4611(c)(2)(A) 
of such Code is amended by striking ‘‘9.7 
cents’’ and inserting ‘‘16.3 cents’’. 
(B) CONTINUED ADJUSTMENT FOR INFLA-
TION.—Section 4611(c) of such Code is amend-
ed by adding at the end the following new para-
graph: 
‘‘(3) INFLATION ADJUSTMENT.— 
‘‘(A) IN GENERAL.—In the case of a cal-
endar 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 de-
termined under section 1(f)(3) for such 
calendar year, determined by substituting 
‘calendar year 2018’ for ‘calendar year 
2016’ in subparagraph (A)(ii) thereof. 
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‘‘(B) ROUNDING.—If any amount as ad-
justed under subparagraph (A) is not a multiple 
of 0.1 cents, such amount shall be rounded to 
the nearest multiple of 0.1 cents.’’. 
(3) 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 in-
serting ‘‘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 by adding at the 
end the following new part: 
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‘‘PART VIII—ENVIRONMENTAL TAX 
‘‘Sec. 59B. Environmental Tax. 
‘‘SEC. 59B. ENVIRONMENTAL TAX. 
‘‘(a) IMPOSITION OF TAX.—In the case of a corpora-
tion, 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 in-
come of such corporation for the taxable year, over 
‘‘(2) $3,130,000. 
‘‘(b) MODIFIED ENVIRONMENTAL TAX TAXABLE IN-
COME.—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.— 
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‘‘(1) SHORT TAXABLE YEARS.—The application 
of this section to taxable years of less than 12 
months shall be in accordance with regulations pre-
scribed 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 deter-
mined under section 1(f)(3) for the calendar 
year in which the taxable year begins, deter-
mined 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 mul-
tiple of $10,000. 
‘‘(f) APPLICATION OF TAX.—The tax imposed by this 
section shall apply to taxable years beginning after the 
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date of the enactment of this subsection and before Janu-
ary 1, 2025.’’. 
(2) CONFORMING AMENDMENTS.— 
(A) 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 environ-
mental tax).’’. 
(B) Section 164(a) of such Code is amend-
ed by adding at the end the following: 
‘‘(5) The environmental tax imposed by section 
59B.’’. 
(C) Section 275(a) of such Code is amend-
ed by adding at the end the following: ‘‘Para-
graph (1) shall not apply to the tax imposed by 
section 59B.’’. 
(D) Section 882(a)(1) of such Code is 
amended by striking ‘‘or 59A’’ and inserting ‘‘, 
59A, or 59B’’. 
(E) Section 1561(a) of such Code is 
amended by inserting ‘‘and one dollar amount 
in effect under section 59B(a)(2) for purposes 
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of computing the tax imposed by section 59B’’ 
after ‘‘under section 535(c)(2) and (3)’’. 
(F) 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’’. 
(G) Section 6655 of such Code is amend-
ed— 
(i) in subsections (e)(2)(A)(i) and 
(e)(2)(B)(i), by striking ‘‘taxable income 
and modified taxable income’’ and insert-
ing ‘‘taxable income, modified taxable in-
come, and modified environmental tax tax-
able income’’, 
(ii) in subsection (e)(2)(B), by adding 
at the end the following new clause: 
‘‘(iii) 
MODIFIED
ENVIRONMENTAL 
TAX TAXABLE INCOME.—The term ‘modi-
fied environmental tax taxable income’ has 
the meaning given to such term in section 
59B(b).’’, and 
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(iii) in subsection (g)(1)(A), by strik-
ing ‘‘plus’’ at the end of clause (ii), by re-
designating clause (iii) as clause (iv), and 
by inserting after clause (ii) the following: 
‘‘(iii) the tax imposed by section 59B, 
plus’’. 
(H) Section 9507(b)(1) of such Code is 
amended by inserting ‘‘59B,’’ before ‘‘4611’’. 
(I) 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: 
‘‘PART VIII. ENVIRONMENTAL TAX’’. 
(c) EFFECTIVE DATES.— 
(1) EXCISE TAXES.—The amendments made by 
subsection (a) shall take effect on the date of the en-
actment of this Act. 
(2) INCOME TAX.—The amendments made by 
subsection (b) shall apply to taxable years beginning 
after the date of the enactment of this Act. 
Æ 
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