,i #aagth ,,congress #b;d ,session ,h4 ,r4 #iaee ,,in ,,the ,,house ,,of ,,representatives ,october #g1 #bjbb,mr4 ,harder of ,california introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to impose the alternative minimum tax on certain ,state regulated electric utilities that have not fully adopted climate-resilient infrastructure4 #a4 ,short title ,this ,act may be cited as the ,no ,bonuses for ,executives ,act of #bjbb4 #b4 ,alternative minimum tax imposed on certain ,state regulated electric utilities 7a7 ,in general ,section #ee7;a7 of the ,internal ,revenue ,code of #aihf is amended by inserting a corporation described in subsection 7f7 or after ,in the case of4 7b7 ,certain ,state regulated electric utilities ,section #ee of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subsection3 7f7 ,certain ,state regulated electric utilities 7#a7 ,in general ,a corporation is described in this subsection if it is-- 7,a7 a ,state regulated electric utility 7as such term is defined in section #c7ah7 of the ,public ,utility ,regulatory ,policies ,act of #aigh71 7,b7 a debtor in a case commenced under title #aa of the ,united ,states ,code on ,january #bi1 #bjai1 and 7,c7 a corporation that-- 7i7 makes payments1 other than payments of salary1 that are incentive-based cash payments to any of the #ac highest-compensated employees of such corporation1 and 7ii7 owns or leases infrastructure other than climate-resilient infrastructure4 7#b7 ,climate-resilient infrastructure ,for purposes of this section1 the term climate-resilient infrastructure means infrastructure with the ability to reduce the impact of major weather events and natural disasters4 7#c7 ,special rule for affiliated groups ,if any member of an affiliated group of corporations that files a consolidated return is a corporation described in this subsection1 all members of such group shall be considered corporations described in this subsection for purposes of chapter #f of the ,internal ,revenue ,code of #aihf4 4 7c7 ,conforming ,amendments 7#a7 ,section #ch7;c77#f7 of the ,internal ,revenue ,code of #aihf is amended by inserting described in section #ee7;f7 after ,in the case of a corporation4 7#b7 ,section #ee7;b77#a7 of such ,code is amended to read as follows3 7#a7 ,amount of tentative tax 7,a7 ,noncorporate taxpayers 7i7 ,in general ,in the case of a taxpayer other than a corporation1 the tentative minimum tax for the taxable year is the sum of-- 7,i7 #bf percent of so much of the taxable excess as does not exceed #age1jjj1 plus-- 7,,ii7 #bh percent of so much of the taxable excess as exceeds #age1jjj4 ,the amount determined under the preceding sentence shall be reduced by the alternative minimum tax foreign tax credit for the taxable year4 7ii7 ,taxable excess ,for purposes of this subsection1 the term taxable excess means so much of the alternative minimum taxable income for the taxable year as exceeds the exemption amount4 7iii7 ,married individual filing separate return ,in the case of a married individual filing a separate return1 clause 7i7 shall be applied by substituting #ej percent of the dollar amount otherwise applicable under subclause 7,i7 and subclause 7,,ii7 thereof4 ,for purposes of the preceding sentence1 marital status shall be determined under section #ggjc4 7,b7 ,corporations ,in the case of a corporation described in subsection 7f71 the tentative minimum tax for the taxable year is-- 7i7 #bj percent of so much of the alternative minimum taxable income for the taxable year as exceeds the exemption amount1 reduced by 7ii7 the alternative minimum tax foreign tax credit for the taxable year4 4 7#c7 ,section #ee7;b77#c7 of such ,code is amended by striking paragraph 7#a77;,a7 and inserting paragraph 7#a77;,a77i74 7#d7 ,section #ei7;a7 of such ,code is amended-- 7,a7 in paragraph 7#a77;,c71 by striking section #ee7;b77#a7 in lieu of the highest rate of tax specified in section #a and inserting subparagraph 7,a77i7 or 7,b77i7 of section #ee7;b77#a7 7whichever applies7 in lieu of the highest rate of tax specified in section #a or #aa 7whichever applies72 and 7,b7 in paragraph 7#b71 by striking means and all that follows and inserting the following3 means-- 7,a7 in the case of a taxpayer other than a corporation1 the amount determined under the first sentence of section #ee7;b77#a77;,a77i71 or 7,b7 in the case of a corporation described in section #ee7;f71 the amount determined under section #ee7;b77#a77;,b77i74 4 7#e7 ,section #hig7;a77#b77;,a7 of such ,code is amended by striking section #ee7;b77#a7 and inserting section #ee7;b77#a77;,a74 7#f7 ,section #iaa7;f7 of such ,code is amended-- 7,a7 by striking section #ee7;b77#a77;,b7 each place it appears and inserting section #ee7;b77#a77;,a77ii72 and 7,b7 in paragraph 7#a77;,b71 by striking section #ee7;b77#a77;,a7 and inserting section #ee7;b77#a77;,a77i74 7#g7 ,section #ee7;c77#a7 of such ,code is amended by inserting before the first period the following3 1 the section #icf credit allowable under section #bg7;b71 and the ,puerto ,rico economic activity credit under section #cj;,a4 7#h7 ,section #ee7;d7 of such ,code is amended-- 7,a7 redesignating paragraphs 7#b7 and 7#c7 as paragraphs 7#c7 and 7#d71 respectively1 and inserting after paragraph 7#a7 the following3 7#b7 ,corporations ,in the case of a corporation1 the term exemption amount means #dj1jjj4 2 7,b7 in paragraph 7#c7 7as so redesignated71 by striking and at the end of subparagraph 7,b71 by striking the period and inserting 1 and at the end of subparagraph 7,c71 and by adding at the end the following3 7,d7 #aej1jjj in the case of a taxpayer described in paragraph 7#b74 2 7,c7 in paragraph 7#d7 7as so redesignated7-- 7i7 in subparagraph 7,b77i71 by striking 7b77#a77;,a7 and inserting 7b77#a77;,a77i72 and 7ii7 in subparagraph 7,b77iii71 by striking paragraph 7#b7 and inserting paragraph 7#c74 7#i7 ,section #ee of such ,code is amended by restoring subsection 7e7 as though it had not been struck by ,public ,law #aae-ig4 7#aj7 ,section #ef7;b77#b7 of such ,code is amended by redesignating subparagraph 7,c7 as subparagraph 7,d7 and by inserting after subparagraph 7,b7 the following3 7,c7 ,special rule for personal holding companies ,in the case of circulation expenditures described in section #agc1 the adjustments provided in this paragraph shall apply also to a personal holding company 7as defined in section #edb74 4 7#aa7 ,section #ef of such ,code is amended by restoring subsections 7c7 and 7g7 as though they had not been struck by ,public ,law #aae-ig4 7#ab7 ,section #hdh of such ,code is amended by restoring subsection 7i7 as though it had not been struck by ,public ,law #aae-ig4 7#ac7 ,section #eh7;a7 of such ,code is amended by redesignating paragraph 7#c7 as paragraph 7#d7 and by inserting the following after paragraph 7#b73 7#c7 ,application to personal service corporations ,for purposes of paragraph 7#a71 a personal service corporation 7within the meaning of section #dfi7;j77#b77 shall be treated as a taxpayer other than a corporation4 4 7#ad7 ,section #ei of such ,code is amended by restoring subsections 7b7 and 7f7 as though they had not been struck by ,public ,law #aae-ig4 7#ae7 ,section #aa7;d7 of such ,code is amended by striking the tax imposed by subsection 7a7 and inserting the taxes imposed by subsection 7a7 and section #ee4 7#af7 ,section #ab of such ,code is amended by restoring paragraph 7#g7 as though it had not been struck by ,public ,law #aae-ig4 7#ag7 ,section #afh7k7 of such ,code is amended by restoring paragraph 7#d7 as though it had not been struck by ,public ,law #aae-ig4 7#ah7 ,section #hhb7;a77#a7 of such ,code is amended by inserting 1 #ee1 after section #aa 4 7#ai7 ,section #ifb7;a77#a7 of such ,code is amended by inserting and #ee after section #aa4 7#bj7 ,section #fdbe7;c77#a77;,a7 of such ,code is amended to read as it read before the passage of ,public ,law #aae-ig4 7#ba7 ,section #ffee7;e77#b7 of such ,code is amended by inserting and alternative minimum taxable income each place it appeared before the passage of ,public ,law #aae-ig4 7d7 ,effective ,date ,the amendments made by this section shall apply to taxable years beginning after ,december #ca1 #bjbb4