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Tax on Excess Profits of Large Corporations

This bill introduces a new tax on large corporations whose profits exceed their average profits from 2015-2019, adjusted for inflation. The aim is to tax excessive profits that may influence the prices of goods and services, potentially lowering costs for citizens.
Key points
A new 95% tax on corporate profits exceeding the 2015-2019 average (adjusted for inflation).
The tax applies to corporations with annual gross receipts of $500 million or more.
The tax is set to be in effect until the end of 2024.
Changes in how taxable income is calculated, including foreign income and depreciation deductions.
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Expired
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Additional Information
Print number: 117_HR_7443
Sponsor: Rep. Bowman, Jamaal [D-NY-16]
Process start date: 2022-04-07
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Summarized by: gemini-2.5-flash-preview-04-17
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Ending Corporate Greed Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7443.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-04-07.

What are the main provisions?

Key points include:

  • A new 95% tax on corporate profits exceeding the 2015-2019 average (adjusted for inflation).
  • The tax applies to corporations with annual gross receipts of $500 million or more.
  • The tax is set to be in effect until the end of 2024.
  • Changes in how taxable income is calculated, including foreign income and depreciation deductions.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Bowman, Jamaal [D-NY-16].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes Economy