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U.S. Code as of:
01/19/04
Section 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).
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