S.Amdt. 1709

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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