,,ii  #aaith ,,congress  #b;d ,session  
,s4 #dgif  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,june #af1     
#bjbf,mr4 ,schumer 7for himself1 ,mr4   
,wyden1 ,ms4 ,warren1 ,mr4 ,reed1 ,mr4  
,van ,hollen1 ,mr4 ,markey1 and ,mr4    
,whitehouse7 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 increase the rate of the   
excise tax on the repurchase of         
corporate stock1 and for other purposes4
  #a4 ,short title ,this ,act may be    
cited as the ,stock ,buyback            
,accountability ,act of #bjbf4  #b4     
,modifications to tax on repurchase of  
corporate stock  7a7 ,increase in rate  
of tax ,section #deja7;a7 of the        
,internal ,revenue ,code of #aihf is    
amended by striking #a percent and      
inserting #d percent4  7b7 ,modification
 of adjustments ,section #deja7;c77#c7  
of the ,internal ,revenue ,code of #aihf
 is amended-- 7#a7 by striking ,the     

amount and inserting the following3     
7,a7 ,in general ,the amount  1 and     
7#b7 by adding at the end the following 
new subparagraph3  7,b7 ,exception for  
stock issued to certain persons         
,subparagraph 7,a7 shall not apply to so
 much of the fair market value of any   
stock issued or provided to-- 7i7 an    
employee who is a covered employee      
7within the meaning of section          
#afb7m77#c77 or a specified covered     
employee 7within the meaning of section 
#afb7m77#g77;,c771 or  7ii7 a person    
7other than an employee described in    
clause 7i77 who receives remuneration   
7within the meaning of section          
#afb7m77#d77 during any taxable year of 
the covered corporation beginning after 
,december #ca1 #bjbe1 in excess of      
#a1jjj1jjj for services performed by    
such person for such covered corporation
 or any specified affiliate of such     
covered corporation4  4  7c7 ,effective 
date  7#a7 ,rate  7,a7 ,in general ,the 
amendment made by subsection 7a7 section

 shall apply to repurchases 7within the 
meaning of section #deja7;c7 of the     
,internal ,revenue ,code of #aihf7 of   
stock after the date of the enactment of
 this ,act4  7,b7 ,special rule ,for    
purposes of applying section            
#deja7;c77#c7 of the ,internal ,revenue 
,code to any taxable year which includes
 the date of the enactment of this ,act1
 the amount of the reduction determined 
under such section for such taxable year
 shall be applied-- 7i7 by reducing     
stock repurchased on or before such date
 of enactment in the amount which bears 
the same ratio to the total amount of   
the reduction so determined for such    
taxable year as-- 7,i7 the number of    
days in the taxable year on or before   
such date of enactment1 bears to  7,,ii7
 the total number of days in such       
taxable year1 and  7ii7 by reducing     
stock repurchased after such date of the
 enactment by the excess 7if any7 of the
 total amount of the reduction so       
determined for such taxable year over   

the amount of the reduction determined  
under clause 7i74  7#b7 ,adjustments    
,the amendments made by subsection 7b7  
shall apply to stock issued or provided 
in taxable years ending more than #ij   
days after the date of the enactment of 
this ,act4