,i #aafth ,,congress #ast ,session ,h4 ,r4 #eaja ,,in ,,the ,,house ,,of ,,representatives ,november #ad1 #bjai,mr4 ,pallone 7for himself and ,mr4 ,pascrell7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to extend the financing of the ,superfund4 #a4 ,short title ,this ,act may be cited as the ,superfund ,polluter ,pays ,act4 #b4 ,extension of ,superfund taxes 7a7 ,excise taxes 7#a7 ,in general ,section #dfaa7;e7 of the ,internal ,revenue ,code of #aihf is amended to read as follows3 7e7 ,application of hazardous substance superfund financing rate ,the ,hazardous ,substance ,superfund financing rate under this section shall apply after ,december #ca1 #aihf1 and before ,january #a1 #aiif1 and after the date of the enactment of this subsection and before ,january #a1 #bjbd4 4 7#b7 ,rate of tax adjusted for inflation 7,a7 ,in general ,section #dfaa7;c77#b77;,a7 of such ,code is amended by striking #i4g cents and inserting #af4c cents4 7,b7 ,continued adjustment for inflation ,section #dfaa7;c7 of such ,code is amended by adding at the end the following new paragraph3 7#c7 ,inflation adjustment 7,a7 ,in general ,in the case of a calendar year beginning after #bjai1 the #af4c cents amount in paragraph 7#b77;,a7 shall be increased by an amount equal to-- 7i7 such dollar amount1 multiplied by 7ii7 the cost-of-living adjustment determined under section #a7;f77#c7 for such calendar year1 determined by substituting calendar year #bjah for calendar year #bjaf in subparagraph 7,a77ii7 thereof4 7,b7 ,rounding ,if any amount as adjusted under subparagraph 7,a7 is not a multiple of #j4a cents1 such amount shall be rounded to the nearest multiple of #j4a cents4 4 7#c7 ,technical amendments 7,a7 ,section #dfaa7;b7 of such ,code is amended-- 7i7 by striking or exported from in paragraph 7#a77;,a71 7ii7 by striking or exportation in paragraph 7#a77;,b71 and 7iii7 by striking and exportation in the heading4 7,b7 ,section #dfaa7;d77#c7 of such ,code is amended-- 7i7 by striking or exporting the crude oil1 as the case may be in the text and inserting the crude oil1 and 7ii7 by striking or exports in the heading4 7b7 ,corporate environmental income tax 7#a7 ,subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new part3 ,,viii ,environmental ,tax ,sec4 #ei;,b4 ,environmental ,tax4 #ei;,b4 ,environmental tax 7a7 ,imposition of tax ,in the case of a corporation1 there is hereby imposed 7in addition to any other tax imposed by this subtitle7 a tax equal to #j4ab percent of the excess of-- 7#a7 the modified environmental tax taxable income of such corporation for the taxable year1 over 7#b7 #c1acj1jjj4 7b7 ,modified environmental tax taxable income ,for purposes of this section1 the term modified environmental tax taxable income means taxable income determined without regard to-- 7#a7 the net operating loss deduction allowable under section #agb1 and 7#b7 the deduction allowed under section #afd7;a77#e74 7c7 ,exception for ,r,i,cs and ,r,e,i,ts ,the tax imposed by subsection 7a7 shall not apply to-- 7#a7 a regulated investment company to which part ,i of subchapter ,m applies1 and 7#b7 a real estate investment trust to which part ,,ii of subchapter ,m applies4 7d7 ,special rules 7#a7 ,short taxable years ,the application of this section to taxable years of less than #ab months shall be in accordance with regulations prescribed by the ,secretary4 7#b7 ,section #ae not to apply ,section #ae shall not apply to the tax imposed by this section4 7e7 ,inflation adjustment 7#a7 ,in general ,in the case of a taxable year beginning after #bjai1 the #c1acj1jjj amount in subsection 7a77#b7 shall be increased by an amount equal to-- 7,a7 such dollar amount1 multiplied by 7,b7 the cost-of-living adjustment determined under section #a7;f77#c7 for the calendar year in which the taxable year begins1 determined by substituting calendar year #bjah for calendar year #bjaf in subparagraph 7,a77ii7 thereof4 7#b7 ,rounding ,if any amount as adjusted under paragraph 7#a7 is not a multiple of #aj1jjj1 such amount shall be rounded to the nearest multiple of #aj1jjj4 7f7 ,application of tax ,the tax imposed by this section shall apply to taxable years beginning after the date of the enactment of this subsection and before ,january #a1 #bjbe4 4 7#b7 ,conforming amendments 7,a7 ,paragraph 7#b7 of section #bf7;b7 of such ,code is amended by striking and at the end of subparagraph 7,x71 by striking the period at the end of subparagraph 7,y7 and inserting 1 and1 and by adding at the end the following new subparagraph3 7,z7 section #ei;,b 7relating to environmental tax74 4 7,b7 ,section #afd7;a7 of such ,code is amended by adding at the end the following3 7#e7 ,the environmental tax imposed by section #ei;,b4 4 7,c7 ,section #bge7;a7 of such ,code is amended by adding at the end the following3 ,paragraph 7#a7 shall not apply to the tax imposed by section #ei;,b44 7,d7 ,section #hhb7;a77#a7 of such ,code is amended by striking or #ei;,a and inserting 1 #ei;,a1 or #ei;,b4 7,e7 ,section #aefa7;a7 of such ,code is amended by inserting and one dollar amount in effect under section #ei;,b7a77#b7 for purposes of computing the tax imposed by section #ei;,b after under section #ece7;c77#b7 and 7#c74 7,f7 ,section #fdbe7;c77#a77;,a7 of such ,code is amended by striking plus at the end of clause 7i71 by striking over and inserting plus at the end of clause 7ii71 and by inserting after clause 7ii7 the following3 7iii7 the tax imposed by section #ei;,b1 over 4 7,g7 ,section #ffee of such ,code is amended-- 7i7 in subsections 7e77#b77;,a77i7 and 7e77#b77;,b77i71 by striking taxable income and modified taxable income and inserting taxable income1 modified taxable income1 and modified environmental tax taxable income1 7ii7 in subsection 7e77#b77;,b71 by adding at the end the following new clause3 7iii7 ,modified environmental tax taxable income ,the term modified environmental tax taxable income has the meaning given to such term in section #ei;,b7b74 1 and 7iii7 in subsection 7g77#a77;,a71 by striking plus at the end of clause 7ii71 by redesignating clause 7iii7 as clause 7iv71 and by inserting after clause 7ii7 the following3 7iii7 the tax imposed by section #ei;,b1 plus 4 7,h7 ,section #iejg7;b77#a7 of such ,code is amended by inserting #ei;,b1 before #dfaa4 7,i7 ,the table of parts for subchapter ,a of chapter #a of such ,code is amended by inserting after the item relating to part ,,vii the following new item3 ,part ,,viii4 ,environmental tax 4 7c7 ,effective dates 7#a7 ,excise taxes ,the amendments made by subsection 7a7 shall take effect on the date of the enactment of this ,act4 7#b7 ,income tax ,the amendments made by subsection 7b7 shall apply to taxable years beginning after the date of the enactment of this ,act4