,,ii  #aai? ,,congress  #b;d ,session   
,s4 #dhbe  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #ah1 #bjbf,mr4   
,s&]s 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      
excise tax on sy/emically important ,,ai
 activity1 & = o!r purposes4  #a4 ,%ort 
title ,?is ,act may be cit$ z ! ,am]ican
 ,a4,i4 ,sov]eign ,weal? ,fund ,act4    
#b4 ,f9d+s ,congress makes ! foll[+     
f9d+s3 7#a7 ,:5 a public res\rce g5]ates
 weal?1 ! public %\ld %>e 9 t weal?4    
7#b7 ,artificial intellig5ce is a public
 res\rce t d]ives its economic value f  
humanity's collective intellig5ce1      
includ+ our books1 songs1 artwork1      
j\rnalism1 comput] code1 sci5tific      
rese>*1 videos1 conv]sations1 images1 & 
ideas spann+ g5]ations4  7#c7 ,a small  
numb] ( olig>*s h ess5tially /ol5 !     
creative "w ( hundr$s ( millions (      
p--writ]s1 arti/s1 musicians1 j\rnali/s1
 tea*]s1 sci5ti/s1 & ord9>y citiz5s--)\t

 p]mission1 ackn[l$gm5t1 or comp5sation 
9 ord] to control ! majority ( economic 
value creat$ by artificial intellig5ce4 
7#d7 ,artificial intellig5ce is built on
 ! collective k ( humanity & ! weal? x  
g5]ates mu/ b5efit humanity4  7#e7      
,sixty-sev5 c\ntries ?r\gh\t ! _w op]ate
 m ?an #ajj sov]eign weal? funds to     
ensure work+ families b5efit f public   
res\rces & national weal?4  7#f7        
,sov]eign weal? funds h exi/$ 9 ! ,unit$
 ,/ates = m ?an #aej ye>s4  7#g7 ,!     
,texas ,p]man5t ,s*ool ,fund 0 e/abli%$ 
9 #ahde & di/ribut$ ne>ly #e1jjj1jjj1jjj
 to ,texas s*ools = ! #bjbf-bjbg s*ool  
ye>4  7#h7 ,! ,alaska ,p]man5t ,fund 0  
e/abli%$ #ej ye>s ago f ! ,/ate's oil   
rev5ues1 & = decades x has paid divid5ds
 directly to ,alaskans4 ,9 #bjbb1 t     
divid5d *eck 0 #c1bhd p] p]son2 9 #bjbc 
x 0 #a1cab2 9 #bjbd x 0 #a1gjb2 & 9     
#bjbe x 0 #a1jjj4  7#i7 ,today1 #f      
,/ates op]ate sov]eign weal? funds t    
control ov] #cjj1jjj1jjj1jjj 9 assets4  
7#aj7 ,indu/ry lead]s support ! creation

 ( an artificial intellig5ce sov]eign   
weal? fund to ensure ! ,am]ican p h a   
seat at ! table to ensure artificial    
intellig5ce is develop$ safely & to     
b5efit humanity1 includ+-- 7,a7         
,open,a,i1 :i* has propos$ a ,public    
,weal? ,fund t provides e               
citiz5--includ+ ^? n inve/$ 9 f9ancial  
m>kets--a /ake 9 ,,ai-driv5 economic    
gr[?2  7,b7 ,an?ropic1 :i* has propos$ a
 sov]eign weal? fund to %ape ! sector's 
behavior & di/ribute ,,ai-d]iv$ weal? m 
equitably2 &  7,c7 ,elon ,musk1 :o has  
propos$ univ]sal ,,high ,,income via    
*ecks issu$ by ! ,f$]al ,gov]nm5t to    
address unemploym5t caus$ by artificial 
intellig5ce4  #c4 ,excise tax on        
sy/emically important ,,ai companies    
7a7 ,9 g5]al ,subtitle ,d ( ! ,int]nal  
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new *apt]3  #ej;,b    
,sy/emically important ,,ai companies   
,sec4 #ejjj;,e4 ,excise tax on          
sy/emically important ,,ai activity4    
#ejjj;,e4 ,excise tax on sy/emically    

important ,,ai activity  7a7 ,9 g5]al   
7#a7 ,initial tax ,!re is h]eby impos$  
on any applicable ,,ai company a tax    
equal to ! am\nt det]m9$ "u subsection  
7b74  7#b7 ,additional tax  7,a7 ,9     
g5]al ,9 any case 9 :i* an applicable   
,,ai company issues equity int]e/s      
7includ+ equity int]e/s issu$ z1 or 9   
settlem5t (1 employee or o!r            
s]vice-provid] comp5sation7 aft] ! date 
on :i* ! tax is fir/ impos$ on su*      
applicable ,,ai company "u p>agraph     
7#a71 !re %all be impos$ a tax equal to 
! am\nt det]m9$ "u subsection 7b7 by    
tak+ into acc\nt only ! equity int]e/s s
 issu$4  7,b7 ,special rule ,= !        
purposes ( ?is p>agraph1 equity int]e/s 
transf]r$ or deliv]$ 9 connection ) !   
settlem5t1 ex]cise1 or ve/+ ( any /ock  
option1 re/rict$ /ock unit1 or o!r      
equity-bas$ comp5sation aw>d %all be    
treat$ z additional equity int]e/s issu$
 at ! "t ( su* transf] or deliv]y )\t   
reg>d to :5 ! aw>d 0 grant$4  7#c7      
,coord9ation ) sep>ation requirem5t     

7,a7 ,9 g5]al ,9 ! case ( an applicable 
,,ai company t is requir$ to sep>ate its
 applicable ,,ai trade or bus9ess       
pursuant to section #d ( ! ,am]ican     
,a4,i4 ,sov]eign ,weal? ,fund ,act1 no  
tax %all be impos$ "u ?is section until 
su* sep>ation is complete1 & ^u         
completion ! tax %all apply only to !   
sep>at$ entity t holds ! applicable ,,ai
 trade or bus9ess4  7,b7 ,sep>ation     
p]iod ,! tax "u ?is section %all be     
impos$ on ! sep>at$ entity z ( ! date ! 
sep>ation is complete or ! date by :i*  
/ructural sep>ation is requir$ "u       
section #d ( ! ,am]ican ,a4,i4 ,sov]eign
 ,weal? ,fund ,act1 :i*ev] is e>li]4    
7b7 ,am\nt ( tax2 remittance  7#a7 ,9   
g5]al ,! am\nt ( tax impos$ by          
subsection 7a7 is ( su* am\nt t         
imm$iately aft] ! tax has be5 paid1 !   
,secret>y %all hold #ej p]c5t ( all     
out/&+ equity int]e/s 9 ! applicable    
,,ai company1 to be remitt$ 9 exact     
proportion ( ! out/&+ equity int]e/s    
7includ+ by class ( int]e/7 9 su* entity

 imm$iately prior to ! tax be+ paid4    
7#b7 ,=m ( remittance ,all equity       
int]e/s remitt$ 9 satisfaction ( ! tax  
impos$ by ?is section %all be equity    
int]e/s newly issu$ by ! applicable ,,ai
 company = purposes ( su* remittance4   
,no previ\sly out/&+1 treasury1 or      
repur*as$ equity int]e/ may be us$ to   
satisfy ! tax4 ,not)/&+ any provision ( 
! c]tificate ( incorporation1 bylaws1 or
 o!r gov]n+ docum5t ( ! applicable ,,ai 
company1 includ+ any limitation on !    
numb] ( au?oriz$ equity int]e/s or any  
requirem5t ( approval = issuance1 !     
company %all issue & remit ! equity     
int]e/s requir$ "u ?is section4  7#c7   
,treatm5t ( repur*ases & new issuances  
,equity int]e/s issu$ & remitt$ "u      
p>agraph 7#b7 %all n be treat$ z an     
issuance ( additional equity int]e/s =  
purposes ( subsection 7a77#b74 ,any     
repur*ase or r$emption ( equity int]e/s 
by ! applicable ,,ai company %all n     
r$uce ! numb] ( out/&+ equity int]e/s   
tak5 into acc\nt 9 det]m9+ ! am\nt      

requir$ to be remitt$ "u ?is subsection4
  7c7 ,applicable ,,ai company ,=       
purposes ( ?is section-- 7#a7 ,9 g5]al  
,! t]m applicable ,,ai company means any
 corporation or p>tn]%ip-- 7,a7 :i* is  
engag$ 9 #a or m applicable ,,ai trades 
or bus9esses = any taxable ye> beg9n+   
aft] ,decemb] #ca1 #bjbe1 &  7,b7 )     
respect to :i* ! aggregate gross        
receipts f su* trades or bus9esses = !  
cal5d> ye> 9 :i* su* taxable ye> beg9s  
exce$ #bjj1jjj1jjj4  7#b7 ,applicable   
,,ai trade or bus9ess  7,a7 ,9 g5]al ,! 
t]m applicable ,,ai trade or bus9ess    
means any trade or bus9ess engag$ 9     
activities relat$ to "o or m ( ! foll[+3
 7i7 ,,ai data c5t]s4  7ii7 ,,ai comput+
 infra/ructure4  7iii7 ,,ai s]vices4    
7iv7 ,rese>*+1 produc+1 or manufactur+  
advanc$ robotics4  7,b7 ,trade or       
bus9ess ,= purposes ( ?is p>agraph1 !   
t]m trade or bus9ess %all include any   
activity treat$ z a trade or bus9ess "u 
p>agraph 7#e7 or 7#f7 ( section #dfi7;c7
 7det]m9$ )\t reg>d to ! phrase ,to !   

ext5t provid$ 9 regulations 9 su*       
p>agraph 7#f774  7#c7 ,special rules ,= 
purposes ( p>agraph 7#a77;,b7-- 7,a7    
,aggregation rules ,= purposes ( det]m9+
 aggregate gross receipts1 all p]sons   
:i* are treat$ z a s+le employ] "u      
subsections 7a7 & 7b7 ( section #eb %all
 be treat$ z a s+le p]son4  7,b7        
,election to use taxable ye>  7i7 ,9    
g5]al ,if an applicable ,,ai company    
makes an election "u ?is subp>agraph1   
p>agraph 7#a77;,b7 %all be appli$ by    
sub/itut+ su* taxable ye> = ! cal5d> ye>
 9 :i* su* taxable ye> beg9s4  7ii7     
,election ,an election "u ?is           
subp>agraph %all be made at su* "t &    
mann] z ! ,secret>y may provide &1 once 
made1 may be revok$ only ) ! cons5t ( ! 
,secret>y4  7,c7 ,gross receipts ,rules 
simil> to ! rules ( subp>agraphs 7,b71  
7,c71 & 7,d7 ( section #ddh7;c77#c7 %all
 apply 9 det]m9+ gross receipts4  7d7   
,o!r def9itions ,= purposes ( ?is       
section-- 7#a7 ,,ai data c5t] ,! t]m    
,,ai data c5t] means all ! build+s1     

equipm5t1 /ructures1 & o!r /ation>y     
items1 su* z s]v] racks1 t-- 7,a7 are   
locat$ on a s+le site or on contigu\s1  
adjac5t1 or o!rwise connect$ sites1     
7,b7 are own$ or op]at$ by ! same entity
 or by any entity t controls1 is        
controll$ by1 or is "u ! common control 
( t entity1 reg>dless ( :e!r ! site is a
 s+le-occupant or multi-occupant        
facility1 &  7,c7 7i7 are us$ = !       
developm5t or op]ation ( artificial     
intellig5ce models at scale1 or  7ii7   
7,i7 h a maximum rat$ p[] capacity or   
total peak p[] load 9 excess ( #bj      
megawatts1 &  7,,ii7 are design$ or     
equipp$-- 7aa7 to deliv] #bj kil[atts or
 m ( electrical p[] to a s+le s]v] rack1
 or  7bb7 to utilize cool+ sy/ems t     
circulate liquid to individual h>dw>e   
compon5ts or subm]ge electronic h>dw>e 9
 liquid4  7#b7 ,,ai comput+             
infra/ructure ,! t]m ,,ai comput+       
infra/ructure means semiconductors1     
integrat$ circuits1 & products conta9+  
integrat$ circuits1 includ+ comput]s1   

network+ equipm5t1 & data /orage sy/ems1
 t w be us$3 7,a7 9 an artificial       
intellig5ce data c5t]1 or  7,b7 9 !     
tra9+ or deploym5t ( artificial         
intellig5ce models at scale4  7#c7 ,,ai 
s]vices  7,a7 ,9 g5]al ,! t]m ,,ai      
s]vices means ! developm5t1 di/ribution1
 or sale ( an artificial intellig5ce    
model t 0 tra9$ us+ a quantity ( comput+
 p[] great] ?an or equal to #ajbe integ]
 or float+-po9t op]ations4  7,b7        
,adju/m5t ,! ,secret>y %all annually1 9 
coord9ation ) ! ,secret>y ( ,comm]ce1   
adju/ ! comput+ p[] ?re%old "u          
subp>agraph 7,a7 to reflect *anges 9 !  
effici5cy ( tra9+ me?ods or o!r         
te*nological developm5ts made aft] !    
date ( enactm5t ( ?is section to ma9ta9 
equival5cy ) #ajbe integ] or float+-po9t
 op]ations4  7#d7 ,advanc$ robotics ,!  
t]m advanc$ robotics means an automat$  
or semi-automat$ me*anical sy/em t uses 
artificial intellig5ce to p]=m tasks )  
p>tial or full indep5d5ce f direct human
 control = comm]cial or indu/rial       

applications4  7#e7 ,equity int]e/s ,!  
t]m equity int]e/s means-- 7,a7 9 ! case
 ( a corporation1 /ock 9 su*            
corporation1 &  7,b7 9 ! case ( a       
p>tn]%ip1 any capital or pr(its int]e/4 
7e7 ,regulations & guidance ,! ,secret>y
 %all prescribe su* regulations or o!r  
guidance z ! ,secret>y det]m9es necess>y
 or appropriate to c>ry out ?is section4
  4  7b7 ,am]ican ,a4,i4 sov]eign weal? 
fund  7#a7 ,e/abli%m5t ( fund ,sub*apt] 
,a ( *apt] #ih ( ! ,int]nal ,rev5ue     
,code ( #aihf is am5d$ by add+ at ! end 
! foll[+ new section3  #ieab4 ,am]ican  
,a4,i4 ,sov]eign ,weal? ,fund  7a7      
,creation ( tru/ fund ,!re is e/abli%$ 9
 ! ,treasury ( ! ,unit$ ,/ates a tru/   
fund to be kn[n z ! ,am]ican ,a4,i4     
,sov]eign ,weal? ,fund 79 ?is section   
ref]r$ to z ! ,fund71 consi/+ ( su*     
am\nts z may be transf]r$ to su* ,tru/  
,fund z provid$ 9 ?is section or section
 #ifjb7;b74  7b7 ,transf]s to fund ,!re 
is h]eby transf]r$ to ! ,fund ! equity  
int]e/s collect$ z taxes "u section     

#ejjj;,e & any income or ga9 f su*      
equity int]e/s4  7c7 ,managem5t ( fund  
,! assets ( ! ,fund %all be manag$ by ! 
,indep5d5t ,commission = ,democratic    
,,ai4  7d7 ,di/ributions f fund  7#a7 ,9
 g5]al  7,a7 ,annual am\nt ,!re are     
au?oriz$ to be appropriat$ f ! ,fund =  
ea* fiscal ye> am\nts equal to #e p]c5t 
( ! av]age m>ket value ( ! ,fund = !    
fiscal ye>1 r$uc$ by ! reasonable co/s (
 adm9i/]+ ! ,fund4  7,b7 ,av]age m>ket  
value ,= purposes ( subp>agraph 7,a71 ! 
av]age m>ket value ( ! ,fund = a fiscal 
ye> is ! av]age ( ! m>ket values ( !    
,fund det]m9$ z ( ! la/ day ( ea* cal5d>
 mon? end+ 9 su* fiscal ye> dur+ :i* !  
,fund held assets4  7,c7 ,det]m9ation ( 
m>ket value ,9 det]m9+ ! m>ket value ( !
 ,fund-- 7i7 equity int]e/s = :i* !re is
 a readily asc]ta9able m>ket price %all 
be valu$ at su* price1 &  7ii7 equity   
int]e/s = :i* !re is no readily         
asc]ta9able m>ket price %all be valu$ by
 ! ,secret>y us+ ! mo/ rec5t transaction
 price1 appraisal1 or o!r reasonable    

valuation me?od ! ,secret>y det]m9es    
appropriate1 & %all be revalu$ n less   
frequ5tly ?an annually4  7#b7 ,use (    
di/ributions ,am\nts appropriat$ f !    
,fund %all be us$1 z provid$ 9          
appropriations ,act or law1 to provide =
 direct paym5ts to ! ,am]ican p & to    
ensure t e man1 woman & *ild 9 ! ,unit$ 
,/ates has a dec5t & dignifi$ /&>d (    
liv+1 includ+ heal? c>e1 education1     
h\s+1 & a heal?y & habitable environm5t1
 9 su* mann] z ,congress may provide4   
7#c7 ,pres]vation ( equity int]e/s ,no  
di/ribution or am\nt appropriat$ f !    
,fund "u ?is subsection %all require !  
sale or o!r disposition (1 ! equity     
int]e/s held 9 ! ,fund4  7#d7 ,no       
,bail\t ,no am\nts 9 ! ,fund may be us$ 
to provide f9ancial assi/ance to1 or = !
 b5efit (1 any applicable ,,ai company  
7z def9$ 9 section #ejjj;,e7 or o!r firm
 t is insolv5t or = ! purpose ( prev5t+ 
! failure1 insolv5cy1 or liquidation (  
any su* firm4  4  7#b7 ,indep5d5t       
,commission = ,democratic ,,ai  7,a7 ,9 

g5]al  7i7 ,e/abli%m5t ,!re is e/abli%$ 
)9 ! ,dep>tm5t ( ! ,treasury !          
,indep5d5t ,commission = ,democratic    
,,ai 79 ?is p>agraph ref]r$ to z !      
,commission74  7ii7 ,commission]s ,!    
,commission %all consi/ ( #g            
commission]s appo9t$ by ! ,presid5t1 by 
& ) ! advice & cons5t ( ! ,s5ate1 (     
:om-- 7,i7 #a %all be designat$ z !     
,*airp]son ( ! ,commission & %all be    
select$ f a li/ submitt$ by ! ,majority 
,lead] ( ! ,s5ate2  7,,ii7 #a %all be   
designat$ z ,vice-,*airp]son ( !        
,commission & %all be select$ f a li/   
submitt$ by ! ,speak] ( ! ,h\se (       
,repres5tatives2  7,,iii7 #a %all be    
appo9t$ z a repres5tative ( labor       
int]e/s & %all be select$ f a li/       
submitt$ by ! ,majority ,lead] ( !      
,s5ate 9 consultation ) ! *air & rank+  
memb] ( ! ,committee on ,heal?1         
,education1 ,labor1 & ,p5sions ( !      
,s5ate2  7,,iv7 #a %all be appo9t$ f    
among p]sons :o h demon/rat$ exp]i5ce 9 
! managem5t ( a public p5sion fund1     

end[m5t1 sov]eign weal? fund1 or        
comp>able in/itutional fund subject to  
fiduci>y obligations & %all be select$ f
 a li/ submitt$ by ! ,speak] ( ! ,h\se (
 ,repres5tatives 9 consultation ) ! *air
 & rank+ memb] ( ! ,committee on ,ways &
 ,means ( ! ,h\se ( ,repres5tatives2    
7,v7 #a %all be appo9t$ f among p]sons  
:o h demon/rat$ exp]i5ce 9 ! developm5t1
 deploym5t1 or gov]nance ( artificial   
intellig5ce sy/ems & %all be select$ f a
 li/ submitt$ by ! ,majority ,lead] ( ! 
,s5ate 9 consultation ) ! *air & rank+  
memb] ( ! ,committee on ,comm]ce1       
,sci5ce1 & ,transportation ( ! ,s5ate2  
7,,vi7 #a %all be appo9t$ f among p]sons
 :o h demon/rat$ exp]i5ce 9 privacy &   
data protection & %all be select$ f a   
li/ submitt$ by ! ,speak] ( ! ,h\se (   
,repres5tatives 9 consultation ) ! *air 
& rank+ memb] ( ! ,committee on !       
,judici>y ( ! ,h\se ( ,repres5tatives2 &
  7,,vii7 #a %all be appo9t$ z a        
repres5tative ( public safety or        
national security int]e/s & %all be     

select$ f a li/ submitt$ by ! ,majority 
,lead] ( ! ,s5ate 9 consultation ) !    
*air & rank+ memb] ( ! ,committee on    
,arm$ ,s]vices ( ! ,s5ate4  ,( !        
commission]s appo9t$ "u ! prec$+ s5t5ce1
 n m ?an #d %all be affiliat$ ) ! same  
political p>ty4  7iii7 ,tim+ ( appo9tm5t
 ,! ,presid5t %all nom9ate a commission]
 "u ea* subclause ( clause 7ii7 n lat]  
?an #cj days aft] a li/ is submitt$ "u  
su* subclause4  7iv7 ,qualifications    
7,i7 ,f9ancial int]e/s ,no commission]1 
& no sp\se or dep5d5t ( a commission]1  
may hold any equity or o!r f9ancial     
int]e/ 9 any applicable ,,ai company    
dur+ ! commission]'s s]vice4 ,ea*       
commission] %all dive/ any su* int]e/ ^u
 appo9tm5t4  7,,ii7 ,prior employm5t ,no
 individual may be appo9t$ to !         
,commission if ! individual 0 employ$ by
 an applicable ,,ai company at any "t   
dur+ ! two-ye> p]iod prec$+ appo9tm5t4  
7,,iii7 ,prohibition on s]vice on       
company bo>ds ,no p]son %all be a       
commission] if su* p]son1 or ! sp\se or 

any dep5d5t ( su* p]son1 s]ves on ! bo>d
 ( directors ( an applicable ,,ai       
company4  7v7 ,t]ms ,a commission] %all 
be appo9t$ = a t]m ( #e ye>s4  7vi7     
,vacancies  7,i7 ,9 g5]al ,a vacancy on 
! ,commission %all be fill$ 9 ! mann] 9 
:i* ! orig9al appo9tm5t 0 made & %all be
 subject to any conditions t appli$ )   
respect to ! orig9al appo9tm5t4  7,,ii7 
,fill+ unexpir$ t]m ,an individual *os5 
to fill a vacancy %all be appo9t$ = !   
unexpir$ t]m ( ! commission] replac$4   
7vii7 ,removal ,a commission] may be    
remov$ by ! ,presid5t only =            
ineffici5cy1 neglect ( duty1 or         
malfeasance 9 (fice4  7,b7 ,duties &    
p[]s  7i7 ,9 g5]al ,! ,commission %all--
 7,i7 ex]cise all vot+ & gov]nance      
rights atta*$ to ! equity int]e/s held 9
 ! ,am]ican ,a4,i4 ,sov]eign ,weal?     
,fund2 &  7,,ii7 manage ! ,am]ican      
,a4,i4 ,sov]eign ,weal? ,fund1 9        
consultation ) ! ,secret>y ( ,labor1 9  
su* mann] z to effectively promote !    
goals ( work] welf>e1 public safety1    

fair competition among applicable ,,ai  
companies 7z def9$ 9 section #ejjj;,e ( 
! ,int]nal ,rev5ue ,code ( #aihf71      
environm5tal su/a9ability1 & f9ancial   
solv5cy4  7ii7 ,designation (           
repres5tatives  7,i7 ,9 g5]al ,!        
,commission %all designate qualifi$     
individuals to s]ve z repres5tatives ( !
 ,fund on ! bo>d ( directors ( ea*      
applicable ,,ai company 9 :i* ! ,fund   
holds equity int]e/s1 & %all ex]cise !  
vot+ & gov]nance rights atta*$ to ^?    
int]e/s to cause su* individuals to be  
elect$1 appo9t$1 or designat$ to ! bo>d 
( directors ( ! company1 9 ! l>ge/ numb]
 ! ,fund's equity int]e/s entitle x to  
elect1 appo9t1 or designate4  7,,ii7    
,duties ( repres5tatives ,a             
repres5tative designat$ "u ?is section  
%all act to advance ! goals describ$ 9  
clause 7i77,,ii74  7,,iii7 ,fiduci>y    
duties ,not)/&+ any o!r provision ( law1
 any provision ( ! c]tificate (         
incorporation1 bylaws1 or o!r gov]n+    
docum5t ( ! company1 or any duty ow$ "u 

! law ( ! company's jurisdiction (      
organization 7includ+ any duty to       
balance int]e/s "u a public b5efit      
corporation /atute71 advanc+ ! goals    
describ$ 9 clause 7i77,,ii7 %all be a   
prop] purpose consi/5t ) ! fiduci>y &   
o!r duties ( a repres5tative1 ev5 :]e   
do+ s conflicts ) ! f9ancial int]e/s ( !
 company or its o!r equity hold]s4 ,no  
repres5tative1 & no action ( a bo>d (   
directors tak5 9 accordance ) ?is       
clause1 %all be subject to liability or 
*all5ge on ! gr\nd t x advanc$ ^? goals4
  7iii7 ,no coord9ation among           
competitors ,! ,commission %all n       
ex]cise ! vot+ or gov]nance rights      
atta*$ to equity int]e/s 9 two or m     
applicable ,,ai companies t compete 9 ! 
same m>ket 9 any mann] t coord9ates1 or 
has ! effect ( coord9at+1 ! competitive 
conduct ( su* companies4  7iv7 ,recusal 
,a commission] %all recuse himself or   
h]self f any decision uniquely affect+ a
 company by :i* ! commission]1 or !     
sp\se or any dep5d5t ( su* commission]1 

0 =m]ly employ$ dur+ ! #b-ye> p]iod aft]
 ! commission] 0 fir/ appo9t$ to !      
,commission4  7v7 ,transp>5cy  7,i7     
,disclosure ( votes ,! ,commission %all 
make publicly available1 n less         
frequ5tly ?an qu>t]ly1 a complete record
 ( h[ x ex]cis$ ! vot+ rights atta*$ to 
! equity int]e/s held by ! ,am]ican     
,a4,i4 ,sov]eign ,weal? ,fund 9 ea*     
applicable ,,ai company1 includ+ ! matt]
 vot$ ^u & ! mann] 9 :i* ! ,commission  
vot$4  7,,ii7 ,disclosure ( gov]nance   
activity ,! ,commission %all make       
publicly available1 n less frequ5tly ?an
 annually1 a report describ+ !          
significant positions tak5 & actions    
direct$ by ea* commission] s]v+ on !    
bo>d ( directors ( an applicable ,,ai   
company to ! ext5t su* disclosure is n  
prohibit$ by applicable law & does n    
require ! disclosure ( mat]ial nonpublic
 in=mation ( ! company4  7,,iii7 ,=m (  
disclosure ,disclosures "u ?is clause   
%all be made 9 a mann] t is publicly    
accessible & ma*9e-readable4  7,c7      

,p]sonnel matt]s  7i7 ,comp5sation (    
commission]s ,a commission] :o is n an  
(fic] or employee ( ! ,f$]al ,gov]nm5t  
%all be comp5sat$ at a rate equal to !  
daily equival5t ( ! annual rate ( basic 
pay prescrib$ = level ,,iv ( !          
,executive ,s*$ule "u section #ecae (   
title #e1 ,unit$ ,/ates ,code1 = ea* day
 7includ+ travel "t7 dur+ :i* !         
commission] is engag$ 9 ! p]=mance ( !  
duties ( ! ,commission4  7ii7 ,travel   
exp5ses ,a commission] %all be all[$    
travel exp5ses1 includ+ p] diem 9 lieu (
 subsi/5ce1 at rates au?oriz$ =         
employees ( ag5cies "u sub*apt] ,i (    
*apt] #eg ( title #e1 ,unit$ ,/ates     
,code1 :ile away f _! homes or regul>   
places ( bus9ess 9 ! p]=mance ( s]vices 
= ! ,commission4  7iii7 ,/aff  7,i7 ,9  
g5]al ,! ,*airp]son ( ! ,commission may1
 )\t reg>d to ! civil s]vice laws       
7includ+ regulations71 appo9t & t]m9ate 
an executive director & su* o!r         
additional p]sonnel z may be necess>y to
 enable ! ,commission to p]=m its       

duties1 except t ! employm5t ( an       
executive director %all be subject to   
confirmation by ! ,commission4  7,,ii7  
,comp5sation ,! ,*airp]son ( !          
,commission may fix ! comp5sation ( !   
executive director & o!r p]sonnel )\t   
reg>d to *apt] #ea & sub*apt] ,,iii (   
*apt] #ec ( title #e1 ,unit$ ,/ates     
,code1 relat+ to classification (       
positions & ,g5]al ,s*$ule pay rates1   
except t ! rate ( pay = ! executive     
director & o!r p]sonnel may n exce$ !   
rate payable = level ,v ( ! ,executive  
,s*$ule "u section #ecaf ( t title4     
7iv7 ,detail ( gov]nm5t employees ,a    
,f$]al ,gov]nm5t employee may be detail$
 to ! ,commission )\t reimbursem5t1 &   
su* detail %all be )\t int]ruption or   
loss ( civil s]vice /atus or privilege4 
7v7 ,procurem5t ( tempor>y & int]mitt5t 
s]vices ,! ,*airp]son ( ! ,commission   
may procure tempor>y & int]mitt5t       
s]vices "u section #caji7;b7 ( title #e1
 ,unit$ ,/ates ,code1 at rates =        
individuals t d n exce$ ! daily         

equival5t ( ! annual rate ( basic pay   
prescrib$ = level ,v ( ! ,executive     
,s*$ule "u section #ecaf ( t title4     
7vi7 ,conflicts ( int]e/  7,i7 ,f9ancial
 hold+s ,any equity inve/m5ts ( a       
commission] %all be held 9 a bl9d tru/  
dur+ any p]iod 9 :i* su* commission]    
s]ves on ! ,commission4  7,,ii7         
,subsequ5t employm5t ,a =m] commission] 
( ! ,commission may n accept employm5t  
or comp5sation f any applicable ,,ai    
company or beg9 s]vice on ! bo>d (      
directors ( su* company dur+ ! #e-ye>   
p]iod foll[+ ! commission]'s s]vice on !
 ,commission4  7,d7 ,fund+ ,! co/s ( !  
op]ation ( ! ,commission %all be paid f 
! assets & income ( ! ,am]ican ,a4,i4   
,sov]eign ,weal? ,fund4  7,e7           
,applicable ,,ai company ,= purposes (  
?is p>agraph1 ! t]m applicable ,,ai     
company has ! mean+ giv5 su* t]m "u     
section #ejjj;,e ( ! ,int]nal ,rev5ue   
,code ( #aihf4  7c7 ,in=mation report+  
7#a7 ,9 g5]al ,subp>t ,b ( "p ,,iii (   
sub*apt] ,a ( *apt] #fa ( ! ,int]nal    

,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new section3          
#fjej;,,bb4 ,pur*ases f ,,ai bus9esses  
7a7 ,9 g5]al ,any p]son-- 7#a7 :o is    
engag$ 9 a trade or bus9ess1 &  7#b7 :o 
9 ! c\rse ( su* trade or bus9esses      
pur*ases dur+ ! taxable ye> ,,ai data   
c5t]s1 ,,ai comput+ infra/ructure1 ,,ai 
s]vices1 or advanc$ robotics 9 excess ( 
! am\nt 9 effect "u section #ddh7;c77#a7
 = su* taxable ye>1  %all make a return 
accord+ to ! =ms or regulations         
prescrib$ by ! ,secret>y1 sett+ =? !    
am\nt ( su* pur*ases & ! "n & address ( 
! p]son f :om su* ,,ai data c5t]1 ,,ai  
comput+ infra/ructure1 ,,ai s]vices1 or 
advanc$ robotics 7 pur*as$4  7b7        
,/atem5t ,to be furni%$ to p]sons )     
respect to :om in=mation is requir$ ,e  
p]son requir$ to make a return "u       
subsection 7a7 %all furni% to ea*       
corporation or p>tn]%ip ^: "n is requir$
 to be set =? 9 su* return a writt5     
/atem5t %[+-- 7#a7 ! "n1 address1 &     
phone numb] ( ! in=mation contact ( !   

p]son requir$ to make su* return1 &     
7#b7 ! aggregate am\nt ( pur*ases f su* 
corporation or p>tn]%ip requir$ to be   
%[n on ! return4  ,! writt5 /atem5t     
requir$ "u ! prec$+ s5t5ce %all be      
furni%$ 7ei!r 9 p]son or 9 a /atem5t    
mail+ by fir/-class mail :i* includes   
adequate notice t ! /atem5t is enclos$7 
to ! p]son at su* "t & 9 su* =m z !     
,secret>y may prescribe by regulations4 
7c7 ,def9itions ,any t]m us$ 9 ?is      
section :i* is us$ 9 section #ejjj;,e   
%all h ! mean+ giv5 su* t]m "u section  
#ejjj;,e4  4  7#b7 ,p5alties ,section   
#fgbd7;d7 ( su* ,code is am5d$-- 7,a7 9 
p>agraph 7#a77;,b71 by /rik+ or at ! end
 ( clause 7xxviii71 by ins]t+ or at !   
end ( clause 7xxix71 & by add+ at ! end 
! foll[+ new clause3  7xxx7 section     
#fjej;,,bb7a7 7relat+ to pur*ases f ,,ai
 bus9esses71  1 &  7,b7 9 p>agraph 7#b71
 by /rik+ or at ! end ( subp>agraph     
7,,nn71 by /rik+ ! p]iod at ! end (     
subp>agraph 7,,oo7 & ins]t+ 1 or1 & by  
ins]t+ aft] subp>agraph 7,,oo7 ! foll[+ 

new subp>agraph3 7,,pp7 section         
#fjej;,,bb7b7 7relat+ to pur*ases f ,,ai
 bus9esses74 4  7d7 ,accuracy relat$    
p5alties ,section #fffb ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new subsection3  7n7  
,application to excise tax on           
sy/emically important ,,ai companies ,9 
! case ( any und]paym5t ( tax requir$ "u
 section #ejjj;,e1 !re %all be add$ to !
 tax "u su* section an am\nt equal to ! 
excess (-- 7#a7 ! am\nt det]m9$ "u      
section #ejjj;,e7b7 7det]m9$ by         
sub/itut+ #fj p]c5t = #ej p]c5t71 ov]   
7#b7 ! am\nt ( tax remitt$4  4  7e7     
,failure ,to file ,section #ffea ( !    
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new           
subsection3  7k7 ,application to excise 
tax on sy/emically important ,,ai       
companies ,9 ! case ( any failure to    
file any return ( tax impos$ "u section 
#ejjj;,e1 subsection 7a7 %all n apply & 
!re %all be add$ to ! am\nt requir$ to  
be %[n z tax on su* return #a1jjj1jjj4  

4  7f7 ,rules = expatriat$ entities     
7#a7 ,9 g5]al ,subsection 7b7 ( section 
#ghgd ( ! ,int]nal ,rev5ue ,code ( #aihf
 is am5d$ to read z foll[s3  7b7 ,inv]t$
 corporations treat$ z dome/ic          
corporations  7#a7 ,9 g5]al ,not)/&+    
section #ggja7;a77#d71 a =eign          
corporation %all be treat$ = purposes ( 
?is title z a dome/ic corporation if--  
7,a7 su* corporation w\ld be a surrogate
 =eign corporation if subsection 7a77#b7
 7 appli$ by sub/itut+ #hj p]c5t = #fj  
p]c5t1 or  7,b7 su* corporation is an   
inv]t$ applicable ,,ai company4  7#b7   
,inv]t$ applicable ,,ai company ,=      
purposes ( ?is subsection1 a =eign      
corporation %all be treat$ z an inv]t$  
applicable ,,ai company if1 pursuant to 
a plan 7or a s]ies ( relat$             
transactions7-- 7,a7 ! entity completes 
! direct or indirect acquisition (-- 7i7
 sub/antially all ( ! prop]ties held    
directly or indirectly by a dome/ic     
corporation :i* is an applicable ,,ai   
company1 or  7ii7 sub/antially all ( !  

assets (1 or sub/antially all ( !       
prop]ties con/itut+ a trade or bus9ess  
(1 a dome/ic p>tn]%ip :i* is an         
applicable ,,ai company1 &  7,b7 aft] ! 
acquisition1 ei!r-- 7i7 m ?an #ej p]c5t 
( ! /ock 7by vote or value7 ( ! entity  
is held-- 7,i7 9 ! case ( an acquisition
 ) respect to a dome/ic corporation1 by 
=m] %>ehold]s ( ! applicable ,,ai       
company by reason ( hold+ /ock 9 !      
applicable ,,ai company1 or  7,,ii7 9 ! 
case ( an acquisition ) respect to a    
dome/ic p>tn]%ip1 by =m] p>tn]s ( !     
applicable ,,ai company by reason (     
hold+ a capital or pr(its int]e/ 9 !    
applicable ,,ai company1 or  7ii7 !     
managem5t & control ( ! exp&$ affiliat$ 
gr\p :i* includes ! entity occurs1      
directly or indirectly1 prim>ily )9 !   
,unit$ ,/ates1 & su* exp&$ affiliat$    
gr\p has significant dome/ic bus9ess    
activities4  7#c7 ,exception =          
corporations ) sub/antial bus9ess       
activities 9 =eign c\ntry ( organization
 ,a =eign corporation describ$ 9        

p>agraph 7#b7 %all n be treat$ z an     
inv]t$ applicable ,,ai company if aft] !
 acquisition ! exp&$ affiliat$ gr\p :i* 
includes ! entity has sub/antial bus9ess
 activities 9 ! =eign c\ntry 9 :i* or "u
 ! law ( :i* ! entity is creat$ or      
organiz$ :5 comp>$ to ! total bus9ess   
activities ( su* exp&$ affiliat$ gr\p4  
,= purposes ( subsection                
7a77#b77;,b77iii7 & ! prec$+ s5t5ce1 !  
t]m sub/antial bus9ess activities %all h
 ! mean+ giv5 su* t]m "u regulations 9  
effect on ,janu>y #ah1 #bjag1 except t !
 ,secret>y may issue regulations        
increas+ ! ?re%old p]c5t 9 any ( ! te/s 
"u su* regulations = det]m9+ if bus9ess 
activities con/itute sub/antial bus9ess 
activities = purposes ( ?is p>agraph4   
7#d7 ,managem5t & control ,= purposes ( 
p>agraph 7#b77;,b77ii7-- 7,a7 ,9 g5]al  
,! ,secret>y %all prescribe regulations 
= purposes ( det]m9+ cases 9 :i* !      
managem5t & control ( an exp&$ affiliat$
 gr\p is to be treat$ z occurr+1        
directly or indirectly1 prim>ily )9 !   

,unit$ ,/ates4  7,b7 ,executive (fic]s &
 s5ior managem5t ,su* regulations %all  
provide t ! managem5t & control ( an    
exp&$ affiliat$ gr\p %all be treat$ z   
occurr+1 directly or indirectly1        
prim>ily )9 ! ,unit$ ,/ates if          
sub/antially all ( ! executive (fic]s & 
s5ior managem5t ( ! exp&$ affiliat$ gr\p
 :o ex]cise day-to-day responsibility = 
mak+ decisions involv+ /rategic1        
f9ancial1 & op]ational policies ( !     
exp&$ affiliat$ gr\p are bas$ or        
prim>ily locat$ )9 ! ,unit$ ,/ates4     
,individuals :o 9 fact ex]cise su*      
day-to-day responsibilities %all be     
treat$ z executive (fic]s & s5ior       
managem5t reg>dless ( _! title4  7#e7   
,significant dome/ic bus9ess activities 
,= purposes ( p>agraph 7#b77;,b77ii71 an
 exp&$ affiliat$ gr\p has significant   
dome/ic bus9ess activities if at lea/   
#be p]c5t (-- 7,a7 ! employees ( ! gr\p 
are bas$ 9 ! ,unit$ ,/ates1  7,b7 !     
employee comp5sation incurr$ by ! gr\p  
is incurr$ ) respect to employees bas$ 9

 ! ,unit$ ,/ates1  7,c7 ! assets ( !    
gr\p are locat$ 9 ! ,unit$ ,/ates1 or   
7,d7 ! income ( ! gr\p is d]iv$ 9 !     
,unit$ ,/ates1  det]m9$ 9 ! same mann] z
 su* det]m9ations are made = purposes ( 
det]m9+ sub/antial bus9ess activities "u
 regulations ref]r$ to 9 p>agraph 7#c7 z
 9 effect on ,janu>y #ah1 #bjag1 b      
appli$ by treat+ all ref]5ces 9 su*     
regulations to =eign c\ntry & relevant  
=eign c\ntry z ref]5ces to ! ,unit$     
,/ates4 ,! ,secret>y may issue          
regulations decreas+ ! ?re%old p]c5t 9  
any ( ! te/s "u su* regulations =       
det]m9+ if bus9ess activities con/itute 
significant dome/ic bus9ess activities =
 purposes ( ?is p>agraph4  7#f7         
,applicable ,,ai company ,= purposes (  
?is section1 ! t]m applicable ,,ai      
company has ! mean+ giv5 su* t]m "u     
section #ejjj;,e4  4  7#b7 ,con=m+      
am5dm5ts ,subsection 7c7 ( section #ghgd
 ( su* ,code is am5d$-- 7,a7 9 p>agraph 
7#b7-- 7i7 by /rik+ subsection          
7a77#b77;,b77ii7 & ins]t+ subsections   

7a77#b77;,b77ii7 & 7b77#b77;,b77i72 &   
7ii7 by ins]t+ or 7b77#b77;,a7 aft]     
7a77#b77;,b77i7 9 subp>agraph 7,b72     
7,b7 9 p>agraph 7#c71 by ins]t+ or      
7b77#b77;,b77i71 z ! case may be1 aft]  
7a77#b77;,b77ii72  7,c7 9 p>agraph 7#e71
 by /rik+ subsection 7a77#b77;,b77ii7 & 
ins]t+ subsections 7a77#b77;,b77ii7 &   
7b77#b77;,b77i72 &  7,d7 9 p>agraph     
7#f71 by ins]t+ or inv]t$ applicable    
,,ai company1 z ! case may be1 aft]     
surrogate =eign corporation4  7g7       
,cl]ical am5dm5ts  7#a7 ,! table (      
*apt]s = subtitle ,d ( ! ,int]nal       
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new item3  ,*apt]     
#ej;,b--,sy/emically important ,,ai     
companies  4  7#b7 ,! table ( sections =
 sub*apt] ,a ( *apt] #ih ( su* ,code is 
am5d$ by add+ at ! end ! foll[+ new     
item3  ,sec4 #ieab4 ,am]ican ,a4,i4     
,sov]eign ,weal? ,fund4  4  7#c7 ,!     
table ( sections = subp>t ,b ( "p ,,iii 
( sub*apt] ,a ( *apt] #fa ( su* ,code is
 am5d$ by add+ at ! end ! foll[+ new    

item3  ,sec4 #fjej;,,bb4 ,pur*ases f    
,,ai bus9esses4  4  7h7 ,effective date 
,! am5dm5ts made by ?is section %all    
take effect on ! date t is #ij days aft]
 ! date ( ! enactm5t ( ?is ,act4  #d4   
,/ructural sep>ation  7a7 ,def9itions   
7#a7 ,applicable ai company2 applicable 
ai trade or bus9ess ,! t]ms applicable  
,,ai company & applicable ,,ai trade or 
bus9ess h ! mean+s giv5 ^? t]ms1        
respectively1 9 section #ejjj;,e ( !    
,int]nal ,rev5ue ,code ( #aihf 7z add$  
by section #c ( ?is ,act74  7#b7        
,/ructural sep>ation ,! t]m /ructural   
sep>ation1 ) respect to an applicable   
,,ai company1 means adoption ( an op]at+
 /ructure "u :i* ! applicable ,,ai      
company-- 7,a7 does n conduct any       
bus9ess t is n an applicable ,,ai trade 
or bus9ess2  7,b7 does n hold equity 91 
provide cr$it to1 or o!rwise provide    
f9anc+ to any bus9ess o!r ?an !         
applicable ,,ai trade or bus9ess2  7,c7 
is n held by any entity engag$ 9 any    
bus9ess o!r ?an ! applicable ,,ai trade 

or bus9ess2  7,d7 does n %>e any (fic]  
or director ) any entity t is n an      
applicable ,,ai company2 &  7,e7 does n 
p>ticipate 9 any jo9t v5tures ) an      
entity t is n an applicable ,,ai        
company4  7b7 ,/ructural sep>ation      
requir$ ,! ,f$]al ,trade ,commission    
%all require t ea* applicable ,,ai      
company complete /ructural sep>ation--  
7#a7 ) respect to an applicable ,,ai    
company 9 exi/5ce on ! date ( enactm5t (
 ?is ,act1 n lat] ?an #ij days aft] !   
date ( enactm5t ( ?is ,act2 &  7#b7 )   
respect to an applicable ,,ai company   
e/abli%$ on or aft] ! date ( enactm5t ( 
?is ,act1 n lat] ?an #ij days aft] meet+
 ! def9ition ( an applicable ,,ai       
company4