,,ii #aagth ,,congress #b;d ,session ,s4 #cicc ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #bh1 #bjbb,mr4 ,sanders 7for himself and ,mr4 ,markey7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to impose an income tax on excess profits of certain corporations4 #a4 ,short title ,this ,act may be cited as the ,ending ,corporate ,greed ,act4 #b4 ,tax on excess business profits of certain corporations 7a7 ,in general ,subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new part3 ,,viii ,excess business profits ,sec4 #ei;,b4 ,tax on excess business profits of taxpayers with substantial gross receipts4 #ei;,b4 ,tax on excess business profits of taxpayers with substantial gross receipts 7a7 ,imposition of tax ,there is hereby imposed on each applicable taxpayer for any taxable year a tax equal to #ie percent of the excess profits for the taxable year4 ,such tax shall be in addition to any other tax imposed by this subtitle4 7b7 ,limitation ,the amount of tax imposed under subsection 7a7 for any taxable year shall not exceed #ge percent of the modified taxable income of the taxpayer for such taxable year4 7c7 ,excess profits ,for purposes of this section-- 7#a7 ,in general ,the term excess profits means1 with respect to any applicable taxpayer for any taxable year1 the excess of-- 7,a7 the modified taxable income of the taxpayer for the taxable year1 over 7,b7 the average of the inflation adjusted modified taxable income of the taxpayer for taxable years beginning in #bjae1 #bjaf1 #bjag1 #bjah1 and #bjai4 7#b7 ,inflation adjusted modified taxable income 7,a7 ,in general ,the term inflation adjusted modified taxable income means1 with respect to any taxable year described in paragraph 7#a77;,b71 the modified adjusted gross income for such taxable year increased by an amount equal to-- 7i7 such modified adjusted gross income1 multiplied by 7ii7 the cost-of-living adjustment determined under section #a7;f77#c7 for the calendar year in which the taxable year described in paragraph 7#a77;,a7 begins1 calculated by using in section #a7;f77#c77;,a77ii7 the ,,cpi for the calendar year immediately before the calendar year in which the taxable year for which the increase under this paragraph is determined in lieu of the ,,cpi for calendar year #bjaf4 7,b7 ,rounding ,any increase determined under subparagraph 7,a7 shall be rounded to the nearest multiple of #ejj4 7d7 ,modified taxable income ,for purposes of this section1 the term modified taxable income means1 with respect to any taxable year1 the taxable income of the taxpayer computed under this chapter for such taxable year1 determined with the following modifications3 7#a7 ,global intangible low-taxed income ,in determining the amount of global intangible low-taxed income included in income for the taxable year1 the taxpayer's net deemed tangible income return for the taxable year under section #iea;,a7b77#a77;,b7 shall be zero4 7#b7 ,deductions for ,,fdii and ,,gilti ,no deduction shall be allowed under section #bej4 7#c7 ,depreciation system ,in the case of tangible property1 the depreciation deduction allowable under section #afg shall be determined under the alternative depreciation system of section #afh7;g74 7#d7 ,research and experimental expenses ,section #agd shall be applied to amounts paid or incurred in any taxable year beginning on or before ,december #ca1 #bjba1 in the same manner as it is applied to amounts paid or incurred in taxable years beginning after such date4 7#e7 ,deductions for employee remuneration 7,a7 ,in general ,section #afb7m7 shall be applied-- 7i7 by substituting covered individual 7as defined in section #ei;,b7d77#e77;,b77 for covered employee each place it appears in paragraphs 7#a7 and 7#d7 thereof1 7ii7 by treating any reference to an employee in paragraphs 7#a7 and 7#d7 thereof as a reference to an individual1 and 7iii7 by substituting was required to file reports under section #ae7;d7 of such ,act 7#ae ,u4,s4,c4 #gho7d77 at any time during the #c-taxable year period ending with the taxable year for is required to file reports under section #ae7;d7 of such ,act 7#ae ,u4,s4,c4 #gho7d77 in paragraph 7#b7 thereof4 7,b7 ,covered individual ,for purposes of applying this paragraph to section #afb7m71 the term covered individual means any individual who performs services 7directly or indirectly7 for the taxpayer 7or any predecessor7 for any taxable year beginning after ,december #ca1 #bjba4 7e7 ,applicable taxpayer ,for purposes of this section-- 7#a7 ,in general ,the term applicable taxpayer means1 with respect to any taxable year1 a taxpayer-- 7,a7 which is a corporation other than a regulated investment company1 a real estate investment trust1 or an ,s corporation1 and 7,b7 the average annual gross receipts of which for the #c-taxable-year period ending with the preceding taxable year are at least #ejj1jjj1jjj4 7#b7 ,gross receipts 7,a7 ,special rule for foreign persons ,in the case of a foreign person the gross receipts of which are taken into account for purposes of paragraph 7#a77;,b71 only gross receipts which are taken into account in determining income which is effectively connected with the conduct of a trade or business within the ,united ,states shall be taken into account4 ,in the case of a taxpayer which is a foreign person1 the preceding sentence shall not apply to the gross receipts of any ,united ,states person which are aggregated with the taxpayer's gross receipts by reason of paragraph 7#c74 7,b7 ,other rules made applicable ,rules similar to the rules of section #ddh7;c77#c7 shall apply in determining gross receipts for purposes of this section4 7#c7 ,aggregation rules ,all persons treated as a single employer under subsection 7a7 of section #eb shall be treated as #a person for purposes of this subsection1 except that in applying section #aefc for purposes of section #eb1 the exception for foreign corporations under section #aefc7;b77#b77;,c7 shall be disregarded4 7f7 ,termination ,this section shall not apply to any taxable year beginning after ,december #ca1 #bjbd4 4 7b7 ,conforming amendment ,the table of subchapters for subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new item3 ,,part ,,viii--,excess business profits 4 7c7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after ,december #ca1 #bjba4