,,ii  #aac? ,,congress  #a/ ,session    
,s4 #ahdd  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,decemb] #ag1          
#bjac,mrs4 ,%ahe5 7= h]self1 ,mr4       
,s*atz1 ,mr4 ,w>n]1 ,mr4 ,udall ( ,new  
,mexico1 ,mr4 ,re$1 ,ms4 ,hirono1 ,mr4  
,s&]s1 ,mr4 ,frank51 ,mr4 ,blum5?al1    
,mr4 ,m]kley1 ,ms4 ,w>r51 ,mr4 ,ka9e1   
,mr4 ,k+1 ,mr4 ,begi*1 ,mr4 ,udall (    
,colorado1 ,ms4 ,klobu*>1 & ,ms4        
,l&rieu7 introduc$ ! foll[+ bill2 :i* 0 
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to re/ore full     
milit>y retirem5t b5efits by clos+      
corporate tax loopholes4  #a4 ,%ort     
title ,?is ,act may be cit$ z ! ,milit>y
 ,retirem5t ,re/oration ,act4  #b4      
,repeal ( r$uctions made by ,bip>tisan  
,budget ,act ( #bjac ,section #djc ( !  
,bip>tisan ,budget ,act ( #bjac is      
repeal$ z ( ! date ( ! enactm5t ( su*   
,act4  #c4 ,treatm5t ( =eign            
corporations manag$ & controll$ 9 !     
,unit$ ,/ates z dome/ic corporations    
7a7 ,9 g5]al ,section #ggja ( ! ,int]nal

 ,rev5ue ,code ( #aihf is am5d$ by      
r$esignat+ subsection 7p7 z subsection  
7q7 & by ins]t+ aft] subsection 7o7 !   
foll[+ new subsection3  7p7 ,c]ta9      
corporations manag$ & controll$ 9 !     
,unit$ ,/ates treat$ z dome/ic = income 
tax  7#a7 ,9 g5]al ,not)/&+ subsection  
7a77#d71 9 ! case ( a corporation       
describ$ 9 p>agraph 7#b7 if-- 7,a7 !    
corporation w\ld n o!rwise be treat$ z a
 dome/ic corporation = purposes ( ?is   
title1 b  7,b7 ! managem5t & control ( !
 corporation occurs1 directly or        
indirectly1 prim>ily )9 ! ,unit$ ,/ates1
  !n1 solely = purposes ( *apt] #a 7&   
any o!r provision ( ?is title relat+ to 
*apt] #a71 ! corporation %all be treat$ 
z a dome/ic corporation4  7#b7          
,corporation describ$  7,a7 ,9 g5]al ,a 
corporation is describ$ 9 ?is p>agraph  
if-- 7i7 ! /ock ( su* corporation is    
regul>ly trad$ on an e/abli%$ securities
 m>ket1 or  7ii7 ! aggregate gross      
assets ( su* corporation 7or any        
pr$ecessor !re(71 includ+ assets "u     

managem5t = inve/ors1 :e!r held directly
 or indirectly1 at any "t dur+ ! taxable
 ye> or any prec$+ taxable ye> is       
#ej1jjj1jjj or m4  7,b7 ,g5]al exception
 ,a corporation %all n be treat$ z      
describ$ 9 ?is p>agraph if-- 7i7 su*    
corporation 0 treat$ z a corporation    
describ$ 9 ?is p>agraph 9 a prec$+      
taxable ye>1  7ii7 su* corporation--    
7,i7 is n regul>ly trad$ on an e/abli%$ 
securities m>ket1 &  7,,ii7 has1 & is   
reasonably expect$ to cont9ue to h1     
aggregate gross assets 7includ+ assets  
"u managem5t = inve/ors1 :e!r held      
directly or indirectly7 ( less ?an      
#ej1jjj1jjj1 &  7iii7 ! ,secret>y grants
 a waiv] to su* corporation "u ?is      
subp>agraph4  7#c7 ,managem5t & control 
7,a7 ,9 g5]al ,! ,secret>y %all         
prescribe regulations = purposes (      
det]m9+ cases 9 :i* ! managem5t &       
control ( a corporation is to be treat$ 
z occurr+ prim>ily )9 ! ,unit$ ,/ates4  
7,b7 ,executive (fic]s & s5ior managem5t
 ,su* regulations %all provide t-- 7i7 !

 managem5t & control ( a corporation    
%all be treat$ z occurr+ prim>ily )9 !  
,unit$ ,/ates if sub/antially all ( !   
executive (fic]s & s5ior managem5t ( !  
corporation :o ex]cise day-to-day       
responsibility = mak+ decisions involv+ 
/rategic1 f9ancial1 & op]ational        
policies ( ! corporation are locat$     
prim>ily )9 ! ,unit$ ,/ates1 &  7ii7    
individuals :o are n executive (fic]s & 
s5ior managem5t ( ! corporation 7includ+
 individuals :o are (fic]s or employees 
( o!r corporations 9 ! same *a9 (       
corporations z ! corporation7 %all be   
treat$ z executive (fic]s & s5ior       
managem5t if su* individuals ex]cise !  
day-to-day responsibilities ( !         
corporation describ$ 9 clause 7i74  7,c7
 ,corporations prim>ily hold+ inve/m5t  
assets ,su* regulations %all also       
provide t ! managem5t & control ( a     
corporation %all be treat$ z occurr+    
prim>ily )9 ! ,unit$ ,/ates if-- 7i7 !  
assets ( su* corporation 7directly or   
indirectly7 consi/ prim>ily ( assets be+

 manag$ on behalf ( inve/ors1 &  7ii7   
decisions ab\t h[ to inve/ ! assets are 
made 9 ! ,unit$ ,/ates4  4  7b7         
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ on or aft] ! date :i* is #b ye>s 
aft] ! date ( ! enactm5t ( ?is ,act1    
:e!r or n regulations are issu$ "u      
section #ggja7p77#c7 ( ! ,int]nal       
,rev5ue ,code ( #aihf1 z add$ by ?is    
section4