,i  #aag? ,,congress  #b;d ,session  ,h4
 ,r4 #iaee  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,octob] #g1 #bjbb,mr4 
,h>d] ( ,cali=nia introduc$ ! foll[+    
bill2 :i* 0 ref]r$ to ! ,committee on   
,ways & ,means  ,a ,,bill  ,to am5d !   
,int]nal ,rev5ue ,code ( #aihf to impose
 ! alt]native m9imum tax on c]ta9 ,/ate 
regulat$ electric utilities t h n fully 
adopt$ climate-resili5t infra/ructure4  
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,no ,bonuses = ,executives ,act (     
#bjbb4  #b4 ,alt]native m9imum tax      
impos$ on c]ta9 ,/ate regulat$ electric 
utilities  7a7 ,9 g5]al ,section #ee7;a7
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ by ins]t+ a corporation describ$ 9
 subsection 7f7 or aft] ,9 ! case (4    
7b7 ,c]ta9 ,/ate regulat$ electric      
utilities ,section #ee ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new subsection3  7f7  
,c]ta9 ,/ate regulat$ electric utilities
  7#a7 ,9 g5]al ,a corporation is       
describ$ 9 ?is subsection if x is-- 7,a7

 a ,/ate regulat$ electric utility 7z   
su* t]m is def9$ 9 section #c7ah7 ( !   
,public ,utility ,regulatory ,policies  
,act ( #aigh71  7,b7 a debtor 9 a case  
comm5c$ "u title #aa ( ! ,unit$ ,/ates  
,code on ,janu>y #bi1 #bjai1 &  7,c7 a  
corporation t-- 7i7 makes paym5ts1 o!r  
?an paym5ts ( sal>y1 t are inc5tive-bas$
 ca% paym5ts to any ( ! #ac             
highe/-comp5sat$ employees ( su*        
corporation1 &  7ii7 owns or leases     
infra/ructure o!r ?an climate-resili5t  
infra/ructure4  7#b7 ,climate-resili5t  
infra/ructure ,= purposes ( ?is section1
 ! t]m climate-resili5t infra/ructure   
means infra/ructure ) ! ability to r$uce
 ! impact ( major wea!r ev5ts & natural 
disa/]s4  7#c7 ,special rule = affiliat$
 gr\ps ,if any memb] ( an affiliat$ gr\p
 ( corporations t files a consolidat$   
return is a corporation describ$ 9 ?is  
subsection1 all memb]s ( su* gr\p %all  
be consid]$ corporations describ$ 9 ?is 
subsection = purposes ( *apt] #f ( !    
,int]nal ,rev5ue ,code ( #aihf4  4  7c7 

,con=m+ ,am5dm5ts  7#a7 ,section        
#ch7;c77#f7 ( ! ,int]nal ,rev5ue ,code (
 #aihf is am5d$ by ins]t+ describ$ 9    
section #ee7;f7 aft] ,9 ! case ( a      
corporation4  7#b7 ,section #ee7;b77#a7 
( su* ,code is am5d$ to read z foll[s3  
7#a7 ,am\nt ( t5tative tax  7,a7        
,noncorporate taxpay]s  7i7 ,9 g5]al ,9 
! case ( a taxpay] o!r ?an a            
corporation1 ! t5tative m9imum tax = !  
taxable ye> is ! sum (-- 7,i7 #bf p]c5t 
( s mu* ( ! taxable excess z does n     
exce$ #age1jjj1 plus--  7,,ii7 #bh p]c5t
 ( s mu* ( ! taxable excess z exce$s    
#age1jjj4  ,! am\nt det]m9$ "u ! prec$+ 
s5t5ce %all be r$uc$ by ! alt]native    
m9imum tax =eign tax cr$it = ! taxable  
ye>4  7ii7 ,taxable excess ,= purposes (
 ?is subsection1 ! t]m taxable excess   
means s mu* ( ! alt]native m9imum       
taxable income = ! taxable ye> z exce$s 
! exemption am\nt4  7iii7 ,m>ri$        
individual fil+ sep>ate return ,9 ! case
 ( a m>ri$ individual fil+ a sep>ate    
return1 clause 7i7 %all be appli$ by    

sub/itut+ #ej p]c5t ( ! doll> am\nt     
o!rwise applicable "u subclause 7,i7 &  
subclause 7,,ii7 !re(4 ,= purposes ( !  
prec$+ s5t5ce1 m>ital /atus %all be     
det]m9$ "u section #ggjc4  7,b7         
,corporations ,9 ! case ( a corporation 
describ$ 9 subsection 7f71 ! t5tative   
m9imum tax = ! taxable ye> is-- 7i7 #bj 
p]c5t ( s mu* ( ! alt]native m9imum     
taxable income = ! taxable ye> z exce$s 
! exemption am\nt1 r$uc$ by  7ii7 !     
alt]native m9imum tax =eign tax cr$it = 
! taxable ye>4  4  7#c7 ,section        
#ee7;b77#c7 ( su* ,code is am5d$ by     
/rik+ p>agraph 7#a77;,a7 & ins]t+       
p>agraph 7#a77;,a77i74  7#d7 ,section   
#ei7;a7 ( su* ,code is am5d$-- 7,a7 9   
p>agraph 7#a77;,c71 by /rik+ section    
#ee7;b77#a7 9 lieu ( ! highe/ rate ( tax
 specifi$ 9 section #a & ins]t+         
subp>agraph 7,a77i7 or 7,b77i7 ( section
 #ee7;b77#a7 7:i*ev] applies7 9 lieu ( !
 highe/ rate ( tax specifi$ 9 section #a
 or #aa 7:i*ev] applies72 &  7,b7 9     
p>agraph 7#b71 by /rik+ means & all t   

foll[s & ins]t+ ! foll[+3 means-- 7,a7 9
 ! case ( a taxpay] o!r ?an a           
corporation1 ! am\nt det]m9$ "u ! fir/  
s5t5ce ( section #ee7;b77#a77;,a77i71 or
  7,b7 9 ! case ( a corporation describ$
 9 section #ee7;f71 ! am\nt det]m9$ "u  
section #ee7;b77#a77;,b77i74  4  7#e7   
,section #hig7;a77#b77;,a7 ( su* ,code  
is am5d$ by /rik+ section #ee7;b77#a7 & 
ins]t+ section #ee7;b77#a77;,a74  7#f7  
,section #iaa7;f7 ( su* ,code is am5d$--
 7,a7 by /rik+ section #ee7;b77#a77;,b7 
ea* place x appe>s & ins]t+ section     
#ee7;b77#a77;,a77ii72 &  7,b7 9 p>agraph
 7#a77;,b71 by /rik+ section            
#ee7;b77#a77;,a7 & ins]t+ section       
#ee7;b77#a77;,a77i74  7#g7 ,section     
#ee7;c77#a7 ( su* ,code is am5d$ by     
ins]t+ be=e ! fir/ p]iod ! foll[+3 1 !  
section #icf cr$it all[able "u section  
#bg7;b71 & ! ,pu]to ,rico economic      
activity cr$it "u section #cj;,a4  7#h7 
,section #ee7;d7 ( su* ,code is am5d$-- 
7,a7 r$esignat+ p>agraphs 7#b7 & 7#c7 z 
p>agraphs 7#c7 & 7#d71 respectively1 &  

ins]t+ aft] p>agraph 7#a7 ! foll[+3     
7#b7 ,corporations ,9 ! case ( a        
corporation1 ! t]m exemption am\nt means
 #dj1jjj4  2  7,b7 9 p>agraph 7#c7 7z s 
r$esignat$71 by /rik+ & at ! end (      
subp>agraph 7,b71 by /rik+ ! p]iod &    
ins]t+ 1 & at ! end ( subp>agraph 7,c71 
& by add+ at ! end ! foll[+3  7,d7      
#aej1jjj 9 ! case ( a taxpay] describ$ 9
 p>agraph 7#b74  2  7,c7 9 p>agraph 7#d7
 7z s r$esignat$7-- 7i7 9 subp>agraph   
7,b77i71 by /rik+ 7b77#a77;,a7 & ins]t+ 
7b77#a77;,a77i72 &  7ii7 9 subp>agraph  
7,b77iii71 by /rik+ p>agraph 7#b7 &     
ins]t+ p>agraph 7#c74  7#i7 ,section #ee
 ( su* ,code is am5d$ by re/or+         
subsection 7e7 z ?\gh x _h n be5 /ruck  
by ,public ,law #aae-ig4  7#aj7 ,section
 #ef7;b77#b7 ( su* ,code is am5d$ by    
r$esignat+ subp>agraph 7,c7 z           
subp>agraph 7,d7 & by ins]t+ aft]       
subp>agraph 7,b7 ! foll[+3  7,c7        
,special rule = p]sonal hold+ companies 
,9 ! case ( circulation exp5ditures     
describ$ 9 section #agc1 ! adju/m5ts    

provid$ 9 ?is p>agraph %all apply also  
to a p]sonal hold+ company 7z def9$ 9   
section #edb74  4  7#aa7 ,section #ef ( 
su* ,code is am5d$ by re/or+ subsections
 7c7 & 7g7 z ?\gh !y _h n be5 /ruck by  
,public ,law #aae-ig4  7#ab7 ,section   
#hdh ( su* ,code is am5d$ by re/or+     
subsection 7i7 z ?\gh x _h n be5 /ruck  
by ,public ,law #aae-ig4  7#ac7 ,section
 #eh7;a7 ( su* ,code is am5d$ by        
r$esignat+ p>agraph 7#c7 z p>agraph 7#d7
 & by ins]t+ ! foll[+ aft] p>agraph     
7#b73  7#c7 ,application to p]sonal     
s]vice corporations ,= purposes (       
p>agraph 7#a71 a p]sonal s]vice         
corporation 7)9 ! mean+ ( section       
#dfi7;j77#b77 %all be treat$ z a taxpay]
 o!r ?an a corporation4  4  7#ad7       
,section #ei ( su* ,code is am5d$ by    
re/or+ subsections 7b7 & 7f7 z ?\gh !y  
_h n be5 /ruck by ,public ,law #aae-ig4 
7#ae7 ,section #aa7;d7 ( su* ,code is   
am5d$ by /rik+ ! tax impos$ by          
subsection 7a7 & ins]t+ ! taxes impos$  
by subsection 7a7 & section #ee4  7#af7 

,section #ab ( su* ,code is am5d$ by    
re/or+ p>agraph 7#g7 z ?\gh x _h n be5  
/ruck by ,public ,law #aae-ig4  7#ag7   
,section #afh7k7 ( su* ,code is am5d$ by
 re/or+ p>agraph 7#d7 z ?\gh x _h n be5 
/ruck by ,public ,law #aae-ig4  7#ah7   
,section #hhb7;a77#a7 ( su* ,code is    
am5d$ by ins]t+ 1 #ee1 aft] section #aa 
4  7#ai7 ,section #ifb7;a77#a7 ( su*    
,code is am5d$ by ins]t+ & #ee aft]     
section #aa4  7#bj7 ,section            
#fdbe7;c77#a77;,a7 ( su* ,code is am5d$ 
to read z x read be=e ! passage (       
,public ,law #aae-ig4  7#ba7 ,section   
#ffee7;e77#b7 ( su* ,code is am5d$ by   
ins]t+ & alt]native m9imum taxable      
income ea* place x appe>$ be=e ! passage
 ( ,public ,law #aae-ig4  7d7 ,effective
 ,date ,! am5dm5ts made by ?is section  
%all apply to taxable ye>s beg9n+ aft]  
,decemb] #ca1 #bjbb4