Title VII — Excise taxes

“(1) Crude oil—The term “crude oil” includes crude oil condensates, natural gasoline, any bitumen or bituminous mixture, any oil derived from a bitumen or bituminous mixture, shale oil, and any oil derived from kerogen-bearing sources.”

“(A) The Inland Waterways Trust Fund financing rate is 26 cents per gallon.”

“E Tax on systemically important financial institutions

“4491. Tax on systemically important financial institutions

“(a) In general—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.

“(b) Amount of tax—The rate of tax imposed by subsection (a) is 0.035 percent of such excess total consolidated assets.

“(c) By whom paid—The tax imposed by subsection (a) shall be paid by the systemically important financial institution.

“(d) Due date—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.

“(e) Systemically important financial institution—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.

“(f) Excess total consolidated assets—For purposes of this section, the term “excess total consolidated assets” means the excess of—

“(1) total consolidated assets (within the meaning of section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act), over

“(2) $500,000,000,000.

“(g) Adjustment of dollar amount

“(1) In general—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—

“(A) the GDP for the preceding calendar year, bears to

“(B) the GDP for 2014.

“(2) GDP—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.

“(h) Treatment of certain references—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.”

“(3) Exclusion of orphan drug sales

“(A) In general—The term branded prescription drug sales shall not include sales of any drug or biological product—

“(i) with respect to which a credit was allowed for any taxable year under section 45C of the Internal Revenue Code of 1986 (as in effect before its repeal by the Tax Reform Act of 2014); or

“(ii) which is approved or licensed by the Food and Drug Administration for marketing solely for one or more rare diseases or conditions.

“(B) Limitation—Subparagraph (A) shall not apply with respect to any drug or biological product after the date on which the drug or biological product is approved or licensed by the Food and Drug Administration for marketing for any indication other than the treatment of a rare disease or condition.

“(C) Rare disease or condition

“(i) In general—For purposes of this paragraph, the term rare disease or condition means any disease or condition which—

“(I) affects less than 200,000 persons in the United States, or

“(II) affects more than 200,000 persons in the United States but for which there is no reasonable expectation that the cost of developing and making available in the United States a drug or biological product for such disease or condition will be recovered from sales in the United States of such drug or biological product.

“(ii) Time of determination—Determinations under the preceding sentence with respect to any drug or biological product shall be made on the basis of the facts and circumstances as of—

“(I) in the case a drug or biological product that has been designated under section 526 of the Federal Food, Drug, and Cosmetic Act for a particular indication, the date of such designation, and

“(II) in any other case, the date such drug or biological product is approved or licensed by the Food and Drug Administration for marketing for the treatment of the disease or condition referred to in clause (i).”