26 USC § 59A - Environmental tax | Title 26 - Internal Revenue Code | U.S. Code

USCPrelim is a preliminary release and may be subject to further revision before it is released again as a final version.

Current through Pub. L. 112-143, except 112-141. (See Public Laws for the current Congress.)

(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).

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(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).

Source

(Added Pub. L. 99–499, title V, § 516(a),Oct. 17, 1986, 100 Stat. 1770; amended Pub. L. 100–647, title II, § 2001(c)(1), (3)(B),Nov. 10, 1988, 102 Stat. 3594; Pub. L. 101–508, title XI, §§ 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, § 1915(c)(4),Oct. 24, 1992, 106 Stat. 3024.)

Amendments

1992—Subsec. (b)(1). Pub. L. 102–486struck out “or the alternative tax energy preference deduction under section 56 (h)” after “section 56 (d))”.

1990—Subsec. (b)(1). Pub. L. 101–508, § 11531(b)(3), inserted before comma “or the alternative tax energy preference deduction under section 56 (h)”.

Subsec. (b)(2). Pub. L. 101–508, § 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, § 11231(a)(1)(A), substituted “January 1, 1996” for “January 1, 1992”.

1988—Subsec. (b)(2). Pub. L. 100–647, § 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, § 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. 102–486applicable to taxable years beginning after Dec. 31, 1992, see section 1915(d) ofPub. 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) ofPub. L. 101–508applicable to taxable years beginning after Dec. 31, 1990, see section 11531(c) ofPub. L. 101–508, set out as a note under section 56 of this title.

Effective Date of 1988 Amendment

Amendment by Pub. L. 100–647effective, 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) ofPub. 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) ofPub. 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 ofPub. L. 101–508be 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) ofPub. L. 101–508, set out as a note under section 45K of this title.

The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.

The most recent Classification Table update that we have noticed was Thursday, March 28, 2013

An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.

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"nt ed change" and "ed change" - See the Editorial Classification Change Table [pdf].

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26 USC	Description of Change	Session Year	Public Law	Statutes at Large

26 USC § 59A - Environmental tax

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