,,ii #aah? ,,congress #b;d ,session ,s4 #dfdb ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,july #i1 #bjbd,mr4 ,s&]s 7= himself & ,mr4 ,m>key7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to impose an income tax on excess pr(its ( c]ta9 corporations4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,end+ ,corporate ,gre$ ,act4 #b4 ,tax on excess bus9ess pr(its ( c]ta9 corporations 7a7 ,9 g5]al ,sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new "p3 ,,viii ,excess bus9ess pr(its ,sec4 #ei;,b4 ,tax on excess bus9ess pr(its ( taxpay]s ) sub/antial gross receipts4 #ei;,b4 ,tax on excess bus9ess pr(its ( taxpay]s ) sub/antial gross receipts 7a7 ,imposition ( tax ,!re is h]eby impos$ on ea* applicable taxpay] = any taxable ye> a tax equal to #ie p]c5t ( ! excess pr(its = ! taxable ye>4 ,su* tax %all be 9 addition to any o!r tax impos$ by ?is subtitle4 7b7 ,limitation ,! am\nt ( tax impos$ "u subsection 7a7 = any taxable ye> %all n exce$ #ge p]c5t ( ! modifi$ taxable income ( ! taxpay] = su* taxable ye>4 7c7 ,excess pr(its ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m excess pr(its means1 ) respect to any applicable taxpay] = any taxable ye>1 ! excess (-- 7,a7 ! modifi$ taxable income ( ! taxpay] = ! taxable ye>1 ov] 7,b7 ! av]age ( ! inflation adju/$ modifi$ taxable income ( ! taxpay] = taxable ye>s beg9n+ 9 #bjae1 #bjaf1 #bjag1 #bjah1 & #bjai4 7#b7 ,inflation adju/$ modifi$ taxable income 7,a7 ,9 g5]al ,! t]m inflation adju/$ modifi$ taxable income means1 ) respect to any taxable ye> describ$ 9 p>agraph 7#a77;,b71 ! modifi$ adju/$ gross income = su* taxable ye> increas$ by an am\nt equal to-- 7i7 su* modifi$ adju/$ gross income1 multipli$ by 7ii7 ! co/-(-liv+ adju/m5t det]m9$ "u section #a7;f77#c7 = ! cal5d> ye> 9 :i* ! taxable ye> describ$ 9 p>agraph 7#a77;,a7 beg9s1 calculat$ by us+ 9 section #a7;f77#c77;,a77ii7 ! ,,cpi = ! cal5d> ye> imm$iately be=e ! cal5d> ye> 9 :i* ! taxable ye> = :i* ! increase "u ?is p>agraph is det]m9$ 9 lieu ( ! ,,cpi = cal5d> ye> #bjaf4 7,b7 ,r\nd+ ,any increase det]m9$ "u subp>agraph 7,a7 %all be r\nd$ to ! ne>e/ multiple ( #ejj4 7d7 ,modifi$ taxable income ,= purposes ( ?is section1 ! t]m modifi$ taxable income means1 ) respect to any taxable ye>1 ! taxable income ( ! taxpay] comput$ "u ?is *apt] = su* taxable ye>1 det]m9$ ) ! foll[+ modifications3 7#a7 ,global intangible l[-tax$ income ,9 det]m9+ ! am\nt ( global intangible l[-tax$ income includ$ 9 income = ! taxable ye>1 ! taxpay]'s net deem$ tangible income return = ! taxable ye> "u section #iea;,a7b77#a77;,b7 %all be z]o4 7#b7 ,d$uctions = ,,fdii & ,,gilti ,no d$uction %all be all[$ "u section #bej4 7#c7 ,depreciation sy/em ,9 ! case ( tangible prop]ty1 ! depreciation d$uction all[able "u section #afg %all be det]m9$ "u ! alt]native depreciation sy/em ( section #afh7;g74 7#d7 ,rese>* & exp]im5tal exp5ses ,section #agd %all be appli$ to am\nts paid or incurr$ 9 any taxable ye> beg9n+ on or be=e ,decemb] #ca1 #bjba1 9 ! same mann] z x is appli$ to am\nts paid or incurr$ 9 taxable ye>s beg9n+ aft] su* date4 7#e7 ,d$uctions = employee remun]ation 7,a7 ,9 g5]al ,section #afb7m7 %all be appli$-- 7i7 by sub/itut+ cov]$ individual 7z def9$ 9 section #ei;,b7d77#e77;,b77 = cov]$ employee ea* place x appe>s 9 p>agraphs 7#a7 & 7#d7 !re(1 7ii7 by treat+ any ref]5ce to an employee 9 p>agraphs 7#a7 & 7#d7 !re( z a ref]5ce to an individual1 & 7iii7 by sub/itut+ 0 requir$ to file reports "u section #ae7;d7 ( su* ,act 7#ae ,u4,s4,c4 #gho7d77 at any "t dur+ ! #c-taxable ye> p]iod end+ ) ! taxable ye> = is requir$ to file reports "u section #ae7;d7 ( su* ,act 7#ae ,u4,s4,c4 #gho7d77 9 p>agraph 7#b7 !re(4 7,b7 ,cov]$ individual ,= purposes ( apply+ ?is p>agraph to section #afb7m71 ! t]m cov]$ individual means any individual :o p]=ms s]vices 7directly or indirectly7 = ! taxpay] 7or any pr$ecessor7 = any taxable ye> beg9n+ aft] ,decemb] #ca1 #bjbc4 7e7 ,applicable taxpay] ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m applicable taxpay] means1 ) respect to any taxable ye>1 a taxpay]-- 7,a7 :i* is a corporation o!r ?an a regulat$ inve/m5t company1 a real e/ate inve/m5t tru/1 or an ,s corporation1 & 7,b7 ! av]age annual gross receipts ( :i* = ! #c-taxable-ye> p]iod end+ ) ! prec$+ taxable ye> are at lea/ #ejj1jjj1jjj4 7#b7 ,gross receipts 7,a7 ,special rule = =eign p]sons ,9 ! case ( a =eign p]son ! gross receipts ( :i* are tak5 into acc\nt = purposes ( p>agraph 7#a77;,b71 only gross receipts :i* are tak5 into acc\nt 9 det]m9+ income :i* is effectively connect$ ) ! conduct ( a trade or bus9ess )9 ! ,unit$ ,/ates %all be tak5 into acc\nt4 ,9 ! case ( a taxpay] :i* is a =eign p]son1 ! prec$+ s5t5ce %all n apply to ! gross receipts ( any ,unit$ ,/ates p]son :i* are aggregat$ ) ! taxpay]'s gross receipts by reason ( p>agraph 7#c74 7,b7 ,o!r rules made applicable ,rules simil> to ! rules ( section #ddh7;c77#c7 %all apply 9 det]m9+ gross receipts = purposes ( ?is section4 7#c7 ,aggregation rules ,all p]sons treat$ z a s+le employ] "u subsection 7a7 ( section #eb %all be treat$ z #a p]son = purposes ( ?is subsection1 except t 9 apply+ section #aefc = purposes ( section #eb1 ! exception = =eign corporations "u section #aefc7;b77#b77;,c7 %all be disreg>d$4 7f7 ,t]m9ation ,?is section %all n apply to any taxable ye> beg9n+ aft] ,decemb] #ca1 #bjbf4 4 7b7 ,con=m+ am5dm5t ,! table ( sub*apt]s = sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new item3 ,,"p ,,viii--,excess bus9ess pr(its 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjbc4