Internal Revenue Code:Sec. 59A. Environmental tax

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Location in Internal Revenue Code

     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle A - Income Taxes
       CHAPTER 1 - NORMAL TAXES AND SURTAXES
        Subchapter A - Determination of Tax Liability
         PART VII - ENVIRONMENTAL TAX
       

Statute

    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 RIC's and REIT's
      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
      (1) In general
        The tax imposed by this section shall apply to taxable years
      beginning after December 31, 1986, and before January 1, 1996.
      (2) Earlier termination
        The tax imposed by this section shall not apply to taxable
      years -
          (A) beginning during a calendar year during which no tax is
        imposed under section 4611(a) by reason of paragraph (2) of
        section 4611(e), and
          (B) beginning after the calendar year which includes the
        termination date under paragraph (3) of section 4611(e).
 

Sources

    (Added Pub. L. 99-499, title V, Sec. 516(a), Oct. 17, 1986, 100
    Stat. 1770; amended Pub. L. 100-647, title II, Sec. 2001(c)(1),
    (3)(B), Nov. 10, 1988, 102 Stat. 3594; Pub. L. 101-508, title XI,
    Sec. 11231(a)(1)(A), 11531(b)(3), 11801(c)(2)(E), Nov. 5, 1990, 104
    Stat. 1388-444, 1388-490, 1388-523; Pub. L. 102-486, title XIX,
    Sec. 1915(c)(4), Oct. 24, 1992, 106 Stat. 3024.)
 

Miscellaneous

                                 AMENDMENTS
      1992 - Subsec. (b)(1). Pub. L. 102-486 struck out ''or the
    alternative tax energy preference deduction under section 56(h)''
    after ''section 56(d))''.
      1990 - Subsec. (b)(1). Pub. L. 101-508, Sec. 11531(b)(3),
    inserted before comma ''or the alternative tax energy preference
    deduction under section 56(h)''.
      Subsec. (b)(2). Pub. L. 101-508, Sec. 11801(c)(2)(E), struck out
    ''(and the last sentence of section 56(f)(2)(B))'' after ''section
    164(a)(5)''.
      Subsec. (e)(1). Pub. L. 101-508, Sec. 11231(a)(1)(A), substituted
    ''January 1, 1996'' for ''January 1, 1992''.
      1988 - Subsec. (b)(2). Pub. L. 100-647, Sec. 2001(c)(3)(B),
    inserted ''(and the last sentence of section 56(f)(2)(B))'' before
    period at end.
      Subsecs. (c) to (e). Pub. L. 100-647, Sec. 2001(c)(1), added
    subsec. (c) and redesignated former subsecs. (c) and (d) as (d) and
    (e), respectively.
                      EFFECTIVE DATE OF 1992 AMENDMENT
      Amendment by Pub. L. 102-486 applicable to taxable years
    beginning after Dec. 31, 1992, see section 1915(d) of Pub. L.
    102-486, set out as a note under section 56 of this title.
                      EFFECTIVE DATE OF 1990 AMENDMENT
      Amendment by section 11531(b)(3) of Pub. L. 101-508 applicable to
    taxable years beginning after Dec. 31, 1990, see section 11531(c)
    of Pub. L. 101-508, set out as a note under section 56 of this
    title.
                      EFFECTIVE DATE OF 1988 AMENDMENT
      Amendment by Pub. L. 100-647 effective, except as otherwise
    provided, as if included in the provision of the Superfund Revenue
    Act of 1986, Pub. L. 99-499, title V, to which it relates, see
    section 2001(e) of Pub. L. 100-647, set out as a note under section
    56 of this title.
                               EFFECTIVE DATE
      Section applicable to taxable years beginning after Dec. 31,
    1986, see section 516(c) of Pub. L. 99-499, set out as an Effective
    Date of 1986 Amendment note under section 26 of this title.
                             SAVINGS PROVISION
      For provisions that nothing in amendment by section 11801 of Pub.
    L. 101-508 be construed to affect treatment of certain transactions
    occurring, property acquired, or items of income, loss, deduction,
    or credit taken into account prior to Nov. 5, 1990, for purposes of
    determining liability for tax for periods ending after Nov. 5,
    1990, see section 11821(b) of Pub. L. 101-508, set out as a note
    under section 29 of this title.
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in sections 26, 30A, 164, 275, 882,
    936, 1561, 4611, 6425, 6655, 9507 of this title.