Editorial Notes
Amendments
2013—Pub. L. 112–240 substituted “20 percent” for “15 percent”.
2003—Pub. L. 108–27 substituted “equal to 15 percent of the accumulated taxable income.” for “equal to the product of the highest rate of tax under section 1(c) and the accumulated taxable income.”
2001—Pub. L. 107–16 substituted “equal to the product of the highest rate of tax under section 1(c) and the accumulated taxable income.” for “equal to 39.6 percent of the accumulated taxable income.”
1993—Pub. L. 103–66, § 13202(b), substituted “39.6 percent” for “36 percent”.
Pub. L. 103–66, § 13201(b)(1), substituted “36 percent” for “28 percent”.
1988—Pub. L. 100–647 amended section generally. Prior to amendment, section read as follows: “In addition to other taxes imposed by this chapter, there is hereby imposed for each taxable year on the accumulated taxable income (as defined in section 535) of every corporation described in section 532, an accumulated earnings tax equal to the sum of—
“(1) 27½ percent of the accumulated taxable income not in excess of $100,000, plus
“(2) 38½ percent of the accumulated taxable income in excess of $100,000.”
Statutory Notes and Related Subsidiaries
Effective Date of 1988 Amendment
Pub. L. 100–647, title I, § 1001(a)(2)(B), Nov. 10, 1988, 102 Stat. 3349, provided that:
“The amendment made by subparagraph (A) [amending this section] shall apply to taxable years beginning after December 31, 1987. Such amendment shall not be treated as a change in a rate of tax for purposes of section 15 of the 1986 Code.”