
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 26USC59A]

 
                     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
 
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).

(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, 
Secs. 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.)


                               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.

                  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.
