[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2703 Introduced in House (IH)]
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117th CONGRESS
1st Session
H. R. 2703
To amend the Internal Revenue Code of 1986 to extend the financing of
the Superfund.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 20, 2021
Mr. Pallone (for himself, Mr. Blumenauer, Mr. Pascrell, and Mr.
McEachin) introduced the following bill; which was referred to the
Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to extend the financing of
the Superfund.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Superfund Polluter Pays Act''.
SEC. 2. EXTENSION OF SUPERFUND TAXES.
(a) Hazardous Substance Superfund Financing Rate.--
(1) In general.--Section 4611(e) of the Internal Revenue
Code of 1986 is amended to read as follows:
``(e) Application of Hazardous Substance Superfund Financing
Rate.--The Hazardous Substance Superfund financing rate under this
section shall apply after December 31, 1986, and before January 1,
1996, and after the date of the enactment of this subsection and before
January 1, 2026.''.
(2) Rate of tax adjusted for inflation.--
(A) In general.--Section 4611(c)(2)(A) of such Code
is amended by striking ``9.7 cents'' and inserting
``16.3 cents''.
(B) Continued adjustment for inflation.--Section
4611(c) of such Code is amended by adding at the end
the following new paragraph:
``(3) Inflation adjustment.--
``(A) In general.--In the case of a calendar year
beginning after 2021, the 16.3 cents amount in
paragraph (2)(A) shall be increased by an amount equal
to--
``(i) such dollar amount, multiplied by
``(ii) the cost-of-living adjustment
determined under section 1(f)(3) for such
calendar year, determined by substituting
`calendar year 2020' for `calendar year 2016'
in subparagraph (A)(ii) thereof.
``(B) Rounding.--If any amount as adjusted under
subparagraph (A) is not a multiple of 0.1 cents, such
amount shall be rounded to the nearest multiple of 0.1
cents.''.
(3) Technical amendments.--
(A) Section 4611(b) of such Code is amended--
(i) by striking ``or exported from'' in
paragraph (1)(A),
(ii) by striking ``or exportation'' in
paragraph (1)(B), and
(iii) by striking ``and Exportation'' in
the heading.
(B) Section 4611(d)(3) of such Code is amended--
(i) by striking ``or exporting the crude
oil, as the case may be'' in the text and
inserting ``the crude oil'', and
(ii) by striking ``or exports'' in the
heading.
(b) Adjustment of Excise Tax on Certain Chemicals for Inflation.--
Section 4661(b) of such Code is amended to read as follows:
``(b) Amount of Tax.--
``(1) In general.--The amount of the tax imposed by
subsection (a) shall be determined in accordance with the
following table:
------------------------------------------------------------------------
The tax is the
``In the case of: following amount per
ton:
------------------------------------------------------------------------
Acetylene $14.30
Benzene 14.30
Butane 14.30
Butylene 14.30
Butadiene 14.30
Ethylene 14.30
Methane 10.10
Naphthalene 14.30
Propylene 14.30
Toluene 14.30
Xylene 14.30
Ammonia 7.75
Antimony 13.06
Antimony trioxide 11.01
Arsenic 13.06
Arsenic trioxide 10.01
Barium sulfide 6.75
Bromine 13.06
Cadmium 13.06
Chlorine 7.93
Chromium 13.06
Chromite 4.46
Potassium dichromate 4.96
Sodium dichromate 5.49
Cobalt 13.06
Cupric sulfate 5.49
Cupric oxide 10.54
Cuprous oxide 11.66
Hydrochloric acid 0.85
Hydrogen fluoride 12.42
Lead oxide 12.15
Mercury 13.06
Nickel 13.06
Phosphorus 13.06
Stannous chloride 8.37
Stannic chloride 6.22
Zinc chloride 6.52
Zinc sulfate 5.58
Potassium hydroxide 0.65
Sodium hydroxide 0.82
Sulfuric acid 0.76
Nitric acid 0.70.
------------------------------------------------------------------------
``(2) Adjustment for inflation.--
``(A) In general.--In the case of a calendar year
beginning after 2021, each of the amounts in the table
in paragraph (1) shall be increased by an amount equal
to--
``(i) such amount, multiplied by
``(ii) the cost-of-living adjustment
determined under section 1(f)(3) for the
calendar year, determined by substituting
`calendar year 2020' for `calendar year 2016'
in subparagraph (A)(ii) thereof.
``(B) Rounding.--If any amount as adjusted under
subparagraph (A) is not a multiple of $0.01, such
amount shall be rounded to the next lowest multiple of
$0.01.''.
(c) Corporate Environmental Income Tax.--
(1) Subchapter A of chapter 1 of the Internal Revenue Code
of 1986 is amended by adding at the end the following new part:
``PART VIII--ENVIRONMENTAL TAX
``Sec. 59B. Environmental Tax.
``SEC. 59B. 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 environmental tax taxable income of such
corporation for the taxable year, over
``(2) $3,130,000.
``(b) Modified Environmental Tax Taxable Income.--For purposes of
this section, the term `modified environmental tax taxable income'
means taxable income determined without regard to--
``(1) the net operating loss deduction allowable under
section 172, and
``(2) the deduction allowed under section 164(a)(5).
``(c) Exception for RICs and REITs.--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) Inflation Adjustment.--
``(1) In general.--In the case of a taxable year beginning
after 2021, the $3,130,000 amount in subsection (a)(2) shall be
increased by an amount equal to--
``(A) such dollar amount, multiplied by
``(B) the cost-of-living adjustment determined
under section 1(f)(3) for the calendar year in which
the taxable year begins, determined by substituting
`calendar year 2020' for `calendar year 2016' in
subparagraph (A)(ii) thereof.
``(2) Rounding.--If any amount as adjusted under paragraph
(1) is not a multiple of $10,000, such amount shall be rounded
to the nearest multiple of $10,000.
``(f) 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 1, 2027.''.
(2) Conforming amendments.--
(A) Paragraph (2) of section 26(b) of such Code is
amended by striking ``and'' at the end of subparagraph
(X), by striking the period at the end of subparagraph
(Y) and inserting ``, and'', and by adding at the end
the following new subparagraph:
``(Z) section 59B (relating to environmental
tax).''.
(B) Section 164(a) of such Code is amended by
adding at the end the following:
``(5) The environmental tax imposed by section 59B.''.
(C) Section 275(a) of such Code is amended by
adding at the end the following: ``Paragraph (1) shall
not apply to the tax imposed by section 59B.''.
(D) Section 882(a)(1) of such Code is amended by
striking ``or 59A'' and inserting ``, 59A, or 59B''.
(E) Section 1561(a) of such Code is amended by
inserting ``and one dollar amount in effect under
section 59B(a)(2) for purposes of computing the tax
imposed by section 59B'' after ``under section
535(c)(2) and (3)''.
(F) Section 6425(c)(1)(A) of such Code is amended
by striking ``plus'' at the end of clause (i), by
striking ``over'' and inserting ``plus'' at the end of
clause (ii), and by inserting after clause (ii) the
following:
``(iii) the tax imposed by section 59B,
over''.
(G) Section 6655 of such Code is amended--
(i) in subsections (e)(2)(A)(i) and
(e)(2)(B)(i), by striking ``taxable income and
modified taxable income'' and inserting
``taxable income, modified taxable income, and
modified environmental tax taxable income'',
(ii) in subsection (e)(2)(B), by adding at
the end the following new clause:
``(iii) Modified environmental tax taxable
income.--The term `modified environmental tax
taxable income' has the meaning given to such
term in section 59B(b).'', and
(iii) in subsection (g)(1)(A), by striking
``plus'' at the end of clause (ii), by
redesignating clause (iii) as clause (iv), and
by inserting after clause (ii) the following:
``(iii) the tax imposed by section 59B,
plus''.
(H) Section 9507(b)(1) of such Code is amended by
inserting ``59B,'' before ``4611''.
(I) The table of parts for subchapter A of chapter
1 of such Code is amended by inserting after the item
relating to part VII the following new item:
``Part VIII. Environmental Tax''.
(d) Effective Dates.--
(1) Excise taxes.--The amendments made by subsections (a)
and (b) shall take effect on the date of the enactment of this
Act.
(2) Income tax.--The amendments made by subsection (c)
shall apply to taxable years beginning after the date of the
enactment of this Act.
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