Sec. 7004. Excise tax on systemically important financial institutions

364 words·~2 min read·/bill/113/hr/1/ih/section-7004

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Chapter 36 is amended by adding at the end the following new subchapter: Sec. 4491. Tax on systemically important financial institutions. There is hereby imposed a tax on the excess total consolidated assets of any systemically important financial institution on the close of each calendar quarter. The rate of tax imposed by subsection

(a)is 0.035 percent of such excess total consolidated assets. The tax imposed by subsection

(a)shall be paid by the systemically important financial institution. The tax imposed by subsection

(a)for a calendar quarter shall be due on the first day of the third month beginning after the close of such quarter. For purposes of this section, the term systemically important financial institution means any person subject to section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. For purposes of this section, the term excess total consolidated assets means the excess of— total consolidated assets (within the meaning of section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act), over $500,000,000,000. In the case of any calendar year beginning after 2015, there shall be substituted for the dollar amount in subsection (f)(2) a dollar amount which bears the same ratio to such amount (determined without regard to this subsection) as— the GDP for the preceding calendar year, bears to the GDP for 2014. Any dollar amount determined under this paragraph for substitution in subsection (f)(2) which is not a multiple of $1,000,000,000 shall be rounded to the nearest multiple of $1,000,000,000. For purposes of this subsection, the GDP for any calendar year means the latest estimate of the gross domestic product published by the Department of Commerce for the preceding calendar year. Any reference in this section to any provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act shall be treated as a reference to such provision as in effect on the date of the enactment of this section. . The table of subchapters for chapter 36 is amended by adding at the end the following new item: Subchapter E. Tax on systemically important financial institutions. . The amendments made by this section shall apply to calendar quarters beginning after December 31, 2014.