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Temporary 95% Tax on Excess Profits of Large Corporations

This bill introduces a temporary, high tax (95%) on the "excess profits" of the largest corporations, defined as profits exceeding their average pre-pandemic income (2015-2019). It targets companies with annual gross receipts over $500 million to generate federal revenue from firms that experienced significant profit surges. This measure is set to expire at the end of 2026.
Key points
Imposes a 95% tax rate on "excess profits" for corporations with annual gross receipts exceeding $500 million.
Excess profits are calculated based on income above the inflation-adjusted average from the 2015-2019 base period.
The legislation modifies several tax rules, including limiting deductions for foreign income and changing depreciation methods.
This tax is temporary, applying only to taxable years beginning before January 1, 2027.
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Expired
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Additional Information
Print number: 118_HR_8797
Sponsor: Rep. Bowman, Jamaal [D-NY-16]
Process start date: 2024-06-21
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Summarized by: gemini-2.5-flash-preview-09-2025
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 118_HR_8797.

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 2024-06-21.

What are the main provisions?

Key points include:

  • Imposes a 95% tax rate on "excess profits" for corporations with annual gross receipts exceeding $500 million.
  • Excess profits are calculated based on income above the inflation-adjusted average from the 2015-2019 base period.
  • The legislation modifies several tax rules, including limiting deductions for foreign income and changing depreciation methods.
  • This tax is temporary, applying only to taxable years beginning before January 1, 2027.
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 2025-12-25.

CATEGORIES

Taxes Economy