[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9155 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 9155

 To amend the Internal Revenue Code of 1986 to impose the alternative 
minimum tax on certain State regulated electric utilities that have not 
            fully adopted climate-resilient infrastructure.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 7, 2022

   Mr. Harder of California introduced the following bill; which was 
              referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to impose the alternative 
minimum tax on certain State regulated electric utilities that have not 
            fully adopted climate-resilient infrastructure.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``No Bonuses for Executives Act of 
2022''.

SEC. 2. ALTERNATIVE MINIMUM TAX IMPOSED ON CERTAIN STATE REGULATED 
              ELECTRIC UTILITIES.

    (a) In General.--Section 55(a) of the Internal Revenue Code of 1986 
is amended by inserting ``a corporation described in subsection (f) 
or'' after ``In the case of''.
    (b) Certain State Regulated Electric Utilities.--Section 55 of the 
Internal Revenue Code of 1986 is amended by adding at the end the 
following new subsection:
    ``(f) Certain State Regulated Electric Utilities.--
            ``(1) In general.--A corporation is described in this 
        subsection if it is--
                    ``(A) a State regulated electric utility (as such 
                term is defined in section 3(18) of the Public Utility 
                Regulatory Policies Act of 1978),
                    ``(B) a debtor in a case commenced under title 11 
                of the United States Code on January 29, 2019, and
                    ``(C) a corporation that--
                            ``(i) makes payments, other than payments 
                        of salary, that are incentive-based cash 
                        payments to any of the 13 highest-compensated 
                        employees of such corporation, and
                            ``(ii) owns or leases infrastructure other 
                        than climate-resilient infrastructure.
            ``(2) Climate-resilient infrastructure.--For purposes of 
        this section, the term `climate-resilient infrastructure' means 
        infrastructure with the ability to reduce the impact of major 
        weather events and natural disasters.
            ``(3) Special rule for affiliated groups.--If any member of 
        an affiliated group of corporations that files a consolidated 
        return is a corporation described in this subsection, all 
        members of such group shall be considered corporations 
        described in this subsection for purposes of chapter 6 of the 
        Internal Revenue Code of 1986.''.
    (c) Conforming Amendments.--
            (1) Section 38(c)(6) of the Internal Revenue Code of 1986 
        is amended by inserting ``described in section 55(f)'' after 
        ``In the case of a corporation''.
            (2) Section 55(b)(1) of such Code is amended to read as 
        follows:
            ``(1) Amount of tentative tax.--
                    ``(A) Noncorporate taxpayers.--
                            ``(i) In general.--In the case of a 
                        taxpayer other than a corporation, the 
                        tentative minimum tax for the taxable year is 
                        the sum of--
                                    ``(I) 26 percent of so much of the 
                                taxable excess as does not exceed 
                                $175,000, plus--
                                    ``(II) 28 percent of so much of the 
                                taxable excess as exceeds $175,000.
                        The amount determined under the preceding 
                        sentence shall be reduced by the alternative 
                        minimum tax foreign tax credit for the taxable 
                        year.
                            ``(ii) Taxable excess.--For purposes of 
                        this subsection, the term `taxable excess' 
                        means so much of the alternative minimum 
                        taxable income for the taxable year as exceeds 
                        the exemption amount.
                            ``(iii) Married individual filing separate 
                        return.--In the case of a married individual 
                        filing a separate return, clause (i) shall be 
                        applied by substituting 50 percent of the 
                        dollar amount otherwise applicable under 
                        subclause (I) and subclause (II) thereof. For 
                        purposes of the preceding sentence, marital 
                        status shall be determined under section 7703.
                    ``(B) Corporations.--In the case of a corporation 
                described in subsection (f), the tentative minimum tax 
                for the taxable year is--
                            ``(i) 20 percent of so much of the 
                        alternative minimum taxable income for the 
                        taxable year as exceeds the exemption amount, 
                        reduced by
                            ``(ii) the alternative minimum tax foreign 
                        tax credit for the taxable year.''.
            (3) Section 55(b)(3) of such Code is amended by striking 
        ``paragraph (1)(A)'' and inserting ``paragraph (1)(A)(i)''.
            (4) Section 59(a) of such Code is amended--
                    (A) in paragraph (1)(C), by striking ``section 
                55(b)(1) in lieu of the highest rate of tax specified 
                in section 1'' and inserting ``subparagraph (A)(i) or 
                (B)(i) of section 55(b)(1) (whichever applies) in lieu 
                of the highest rate of tax specified in section 1 or 11 
                (whichever applies)''; and
                    (B) in paragraph (2), by striking ``means'' and all 
                that follows and inserting the following: ``means--
                    ``(A) in the case of a taxpayer other than a 
                corporation, the amount determined under the first 
                sentence of section 55(b)(1)(A)(i), or
                    ``(B) in the case of a corporation described in 
                section 55(f), the amount determined under section 
                55(b)(1)(B)(i).''.
            (5) Section 897(a)(2)(A) of such Code is amended by 
        striking ``section 55(b)(1)'' and inserting ``section 
        55(b)(1)(A)''.
            (6) Section 911(f) of such Code is amended--
                    (A) by striking ``section 55(b)(1)(B)'' each place 
                it appears and inserting ``section 55(b)(1)(A)(ii)''; 
                and
                    (B) in paragraph (1)(B), by striking ``section 
                55(b)(1)(A)'' and inserting ``section 55(b)(1)(A)(i)''.
            (7) Section 55(c)(1) of such Code is amended by inserting 
        before the first period the following: ``, the section 936 
        credit allowable under section 27(b), and the Puerto Rico 
        economic activity credit under section 30A''.
            (8) Section 55(d) of such Code is amended--
                    (A) redesignating paragraphs (2) and (3) as 
                paragraphs (3) and (4), respectively, and inserting 
                after paragraph (1) the following:
            ``(2) Corporations.--In the case of a corporation, the term 
        `exemption amount' means $40,000.'';
                    (B) in paragraph (3) (as so redesignated), by 
                striking ``and'' at the end of subparagraph (B), by 
                striking the period and inserting ``, and'' at the end 
                of subparagraph (C), and by adding at the end the 
                following:
                    ``(D) $150,000 in the case of a taxpayer described 
                in paragraph (2).'';
                    (C) in paragraph (4) (as so redesignated)--
                            (i) in subparagraph (B)(i), by striking 
                        ``(b)(1)(A)'' and inserting ``(b)(1)(A)(i)''; 
                        and
                            (ii) in subparagraph (B)(iii), by striking 
                        ``paragraph (2)'' and inserting ``paragraph 
                        (3)''.
            (9) Section 55 of such Code is amended by restoring 
        subsection (e) as though it had not been struck by Public Law 
        115-97.
            (10) Section 56(b)(2) of such Code is amended by 
        redesignating subparagraph (C) as subparagraph (D) and by 
        inserting after subparagraph (B) the following:
                    ``(C) Special rule for personal holding 
                companies.--In the case of circulation expenditures 
                described in section 173, the adjustments provided in 
                this paragraph shall apply also to a personal holding 
                company (as defined in section 542).''.
            (11) Section 56 of such Code is amended by restoring 
        subsections (c) and (g) as though they had not been struck by 
        Public Law 115-97.
            (12) Section 848 of such Code is amended by restoring 
        subsection (i) as though it had not been struck by Public Law 
        115-97.
            (13) Section 58(a) of such Code is amended by redesignating 
        paragraph (3) as paragraph (4) and by inserting the following 
        after paragraph (2):
            ``(3) Application to personal service corporations.--For 
        purposes of paragraph (1), a personal service corporation 
        (within the meaning of section 469(j)(2)) shall be treated as a 
        taxpayer other than a corporation.''.
            (14) Section 59 of such Code is amended by restoring 
        subsections (b) and (f) as though they had not been struck by 
        Public Law 115-97.
            (15) Section 11(d) of such Code is amended by striking 
        ``the tax imposed by subsection (a)'' and inserting ``the taxes 
        imposed by subsection (a) and section 55''.
            (16) Section 12 of such Code is amended by restoring 
        paragraph (7) as though it had not been struck by Public Law 
        115-97.
            (17) Section 168(k) of such Code is amended by restoring 
        paragraph (4) as though it had not been struck by Public Law 
        115-97.
            (18) Section 882(a)(1) of such Code is amended by inserting 
        ``, 55,'' after ``section 11''.
            (19) Section 962(a)(1) of such Code is amended by inserting 
        ``and 55'' after ``section 11''.
            (20) Section 6425(c)(1)(A) of such Code is amended to read 
        as it read before the passage of Public Law 115-97.
            (21) Section 6655(e)(2) of such Code is amended by 
        inserting ``and alternative minimum taxable income'' each place 
        it appeared before the passage of Public Law 115-97.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2022.
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