Sanders Introduces Bill to Tax Large AI Companies 50% to Fund Public Payments
A bill to amend the Internal Revenue Code of 1986 to impose an excise tax on systemically important AI activity, and for other purposes.
This bill is currently in the early stages of the legislative process. It was recently introduced and sent to the Senate Committee on Finance for review. There are no upcoming votes scheduled at this time.
This bill proposes a massive change to how companies are owned and taxed. Because it takes half of a company's value, it will face very strong pushback from business groups and many lawmakers.
Businesses with gross receipts under $200 million a year are exempt from the new AI equity tax, protecting most small businesses from the direct cost. However, any business that purchases more than a certain amount (the section 448(c)(1) threshold) of AI data centers, computing infrastructure, or services in a year must file new IRS reporting forms, adding a compliance burden on growing mid-size businesses that rely heavily on AI tools.
“who in the course of such trade or businesses purchases during the taxable year AI data centers, AI computing infrastructure, AI services, or advanced robotics in excess of the amount in effect under section 448(c)(1) for such taxable year”
Read twice and referred to the Committee on Finance.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
No votes have been recorded for this legislation yet.
No related news coverage found for this legislation yet.
Document Type
Congressional Bill
Official Title
A bill to amend the Internal Revenue Code of 1986 to impose an excise tax on systemically important AI activity, and for other purposes.
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