[Congressional Record Volume 163, Number 195 (Thursday, November 30, 2017)]
[Senate]
[Page S7594]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1709. Mr. REED submitted an amendment intended to be proposed to 
amendment SA 1618 proposed by Mr. McConnell (for Mr. Hatch (for himself 
and Ms. Murkowski)) to the bill H.R. 1, to provide for reconciliation 
pursuant to titles II and V of the concurrent resolution on the budget 
for fiscal year 2018; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

     SEC. ___. CORPORATE EXCISE TAX FOR EXCESSIVE SHARE 
                   REPURCHASES.

       (a) In General.--Chapter 36 of subtitle D is amended by 
     adding after subchapter D the following new subchapter:

  ``Subchapter E--Corporate Excise Tax for Excessive Share Repurchases

``Sec. 4491. Corporate excise tax for excessive share repurchases.

     ``SEC. 4491. CORPORATE EXCISE TAX FOR EXCESSIVE SHARE 
                   REPURCHASES.

       ``(a) Tax Imposed.--In the case of a corporation which 
     purchases not less than $10,000,000 of outstanding shares of 
     stock in itself during the taxable year, there is hereby 
     imposed on such corporation for the taxable year a tax equal 
     to 15 percent of the taxable income of such corporation.''.
       (b) Clerical Amendment.--The table of subchapters for 
     chapter 36 is amended by adding at the end the following new 
     item:

 ``subchapter e-corporate excise tax for excessive share repurchases''.

       (c) Effective Date.--The amendments made by this section 
     shall apply to taxable years beginning after December 31, 
     2017.
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