RGBA is not supported in IE.
However, as it sees your color: style, it attempts to evaluate it and reverts to the default color (#00000000).
You could use an IE specific hack here, such as
*color: red;
But, assuming that you are trying to affect only the background color, and not the opacity of the entire element, you're best off with a filter that sets the desired rgba value as the start and end color of a gradient - creating an rgba background.
filter:progid:DXImageTransform.Microsoft.gradient(startColorstr=#99000050,endColorstr=#99000050);
-ms-filter:progid:DXImageTransform.Microsoft.gradient(startColorstr=#99000050,endColorstr=#99000050);
But remember - IE assumes that the Alpha is first, not last, so don't just convert and copy your values.
The double filter is for IE6 and IE7 respectively.
http://css-tricks.com/rgba-browser-support/