‘‘(ii) the credits allowable under part 
IV of subchapter A (other than sections 
27(a), 31, and 34). 
‘‘(b) TENTATIVE FAIR SHARE TAX.—For purposes 
of this section— 
‘‘(1) IN GENERAL.—The tentative fair share tax 
for the taxable year is 30 percent of the excess of— 
‘‘(A) the adjusted gross income of the tax-
payer, over 
‘‘(B) the modified charitable contribution 
deduction for the taxable year. 
‘‘(2) MODIFIED
CHARITABLE
CONTRIBUTION 
DEDUCTION.—For purposes of paragraph (1)— 
‘‘(A) IN
GENERAL.—The modified chari-
table contribution deduction for any taxable 
year is an amount equal to the amount which 
bears the same ratio to the deduction allowable 
under section 170 (section 642(c) in the case of 
a trust or estate) for such taxable year as— 
‘‘(i) the amount of itemized deduc-
tions allowable under the regular tax (as 
defined in section 55) for such taxable 
year, determined after the application of 
section 68, bears to 
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‘‘(ii) such amount, determined before 
the application of section 68. 
‘‘(B) TAXPAYER
MUST
ITEMIZE.—In the 
case of any individual who does not elect to 
itemize deductions for the taxable year, the 
modified charitable contribution deduction shall 
be zero. 
‘‘(c) HIGH-INCOME TAXPAYER.—For purposes of this 
section— 
‘‘(1) IN GENERAL.—The term ‘high-income tax-
payer’ means, with respect to any taxable year, any 
taxpayer (other than a corporation) with an adjusted 
gross income for such taxable year in excess of 
$1,000,000 (50 percent of such amount in the case 
of a married individual who files a separate return). 
‘‘(2) INFLATION ADJUSTMENT.— 
‘‘(A) IN GENERAL.—In the case of a tax-
able year beginning after 2015, the $1,000,000 
amount under paragraph (1) shall be increased 
by an amount equal to— 
‘‘(i) such dollar amount, multiplied by 
‘‘(ii) the cost-of-living adjustment de-
termined under section 1(f)(3) for the cal-
endar year in which the taxable year be-
gins, determined by substituting ‘calendar 
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year 2014’ for ‘calendar year 1992’ in sub-
paragraph (B) thereof. 
‘‘(B) ROUNDING.—If any amount as ad-
justed under subparagraph (A) is not a multiple 
of $10,000, such amount shall be rounded to 
the next lowest multiple of $10,000. 
‘‘(d) PAYROLL TAX.—For purposes of this section, 
the payroll tax for any taxable year is an amount equal 
to the excess of— 
‘‘(1) the taxes imposed on the taxpayer under 
sections 1401, 1411, 3101, 3201, and 3211(a) (to 
the extent such taxes are attributable to the rate of 
tax in effect under section 3101) with respect to 
such taxable year or wages or compensation received 
during the taxable year, over 
‘‘(2) the deduction allowable under section 
164(f) for such taxable year. 
‘‘(e) SPECIAL RULE FOR ESTATES AND TRUSTS.— 
For purposes of this section, in the case of an estate or 
trust, adjusted gross income shall be computed in the 
manner described in section 67(e). 
‘‘(f) NOT TREATED AS TAX IMPOSED BY THIS CHAP-
TER FOR CERTAIN PURPOSES.—The tax imposed under 
this section shall not be treated as tax imposed by this 
chapter for purposes of determining the amount of any 
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credit under this chapter (other than the credit allowed 
under section 27(a)) or for purposes of section 55.’’. 
(b) CONFORMING AMENDMENT.—Section 26(b)(2) of 
the Internal Revenue Code of 1986 is amended by redesig-
nating subparagraphs (C) through (X) as subparagraphs 
(D) through (Y), respectively, and by inserting after sub-
paragraph (B) the following new subparagraph: 
‘‘(C) section 59B (relating to fair share 
tax),’’. 
(c) CLERICAL AMENDMENT.—The table of parts for 
subchapter A of chapter 1 of the Internal Revenue Code 
of 1986 is amended by adding at the end the following 
new item: 
‘‘PART VII—FAIR SHARE TAX ON HIGH-INCOME TAXPAYERS’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2014. 
SEC. 4. DEFICIT NEUTRAL IMPLEMENTATION OF STUDENT 
LOAN REFINANCING PROGRAMS. 
(a) AMOUNT OF REVENUE.—The Secretary of Edu-
cation shall estimate the amount that is equal to the 
amount of the net increase in revenue received in the 
Treasury during the 10-year period beginning on the date 
of enactment of the Bank on Students Emergency Loan 
Refinancing Act attributable to the amendments made by 
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section 3 of the Bank on Students Emergency Loan Refi-
nancing Act. 
(b) DEFICIT-NEUTRAL TERMINATION OF THE REFI-
NANCING PROGRAM.—The Secretary of Education shall 
terminate the refinancing programs carried out under sec-
tions 460A and 460B of the Higher Education Act of 
1965 on the date that the net cost of carrying out such 
refinancing programs is equal to the amount of additional 
revenue estimated under subsection (a). 
(c) METHODOLOGY.—When estimating cost and rev-
enue under this section, the Secretary shall utilize the ac-
counting methods and assumptions that are used by the 
Congressional Budget Office, as of the date of enactment 
of this Act, to make such estimations. 
Æ 
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