Page:United States Statutes at Large Volume 100 Part 2.djvu/669

 PUBLIC LAW 99-499—OCT. 17, 1986

100 STAT. 1771

(2) TAX TO BE DEDUCTIBLE FOR INCOME TAX PURPOSES.—

(A) Subsection (a) of section 164 of such Code (relating to 26 USC 164. deduction for taxes), as so amended, is amended by inserting after paragraph (4) the following new paragraph: "(5) The environmental tax imposed by section 59A." Ante, p. 1770. (B) Subsection (a) of section 275 of such Code is amended by adding at the end thereof the following new sentence: "Paragraph (1) shall not apply to the tax imposed by section 59A." (3)

LIMITATION

IN

CASE OF CONTROLLED CORPORATIONS.—

Subsection (a) of section 1561 of such Code (relating to limitations on certain multiple tax benefits in the case of certain controlled corporations), as amended by the Tax Reform Act of 1986, is amended— (A) by striking out "and" at the end of paragraph (2), by striking out the period at the end of paragraph (3) and inserting in lieu thereof ", and", and by inserting after paragraph (3) the following new paragraph: "(4) one $2,000,000 amount for purposes of computing the tax imposed by section 59A.", and (B) by striking out "(and the amount specified in paragraph (3))" and inserting in lieu thereof ", the amount specified in paragraph (3), and the amount specified in paragraph (4)".

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(4) AMENDMENTS TO ESTIMATED TAX PROVISIONS.— (A) TAX LIABILITY MUST BE ESTIMATED.—

(i) Paragraph (1) of section 6154(c) of such Code, as so amended, is amended by striking out "and" at the end of subparagraph (A), by striking out "over" at the end ^ of subparagraph (B) and inserting in lieu thereof f "and", and by adding at the end thereof the following new subparagraph: "(C) the environmental tax imposed by section 59A, over". (ii) Subsection (a) of section 6154 of such Code is amended by striking out "section 11" and inserting "section 11, 59A,". (C) CONFORMING AMENDMENT TO OVERPAYMENT OF ESTIMATED TAX.—Subparagraph (A) of section 6425(c)(l) of such

Code, as amended by the Tax Reform Act of 1986, is amended by striking out "plus" at the end of clause (i), by striking out "over" at the end of clause (ii) and inserting in lieu thereof "plus", and by adding at the end thereof the following new clause: "(iii) the tax imposed by section 59A, over". (D) CONFORMING AMENDMENT TO PENALTY FOR FAILURE TO PAY ESTIMATED TAX.—Paragraph (1) of section 6655(f) of such

Code (defining tax), as so amended, is amended by striking out "plus" at the end of subparagraph (A), by striking out "over" at the end of subparagraph (B) and inserting in lieu thereof "plus", and by adding at the end thereof the following new subparagraph: "(C) the tax imposed by section 59A, over". (5) CLERICAL AMENDMENT.—The table of parts for subchapter A of chapter 1 of such Code is amended by adding at the end thereof the following new item: "Part VII. Environmental tax."


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