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SECTION 1. SHORT TITLE.

This Act may be cited as the ''No Dollars for Ayatollahs Act''.

SEC. 2. EXCISE TAX ON DOLLAR CLEARING TRANSACTIONS WITH RESPECT TO
IRAN.

(a) In General.--Subtitle D of the Internal Revenue Code of 1986 is
amended by adding at the end the following new chapter:

''CHAPTER 50A--CLEARING TRANSACTIONS WITH RESPECT TO IRAN

''Sec. 5000D. Imposition of tax on dollar clearing transactions with
respect to Iran.

''SEC. 5000D. IMPOSITION OF TAX ON DOLLAR CLEARING TRANSACTIONS WITH
RESPECT TO IRAN.

''(a) Imposition of Tax.--There is hereby imposed on any United
States person who clears or transfers United States dollars for the
direct or indirect benefit of the Government of Iran or any Iranian
person a tax equal to 100 percent of the dollar amount cleared or
transferred.
''(b) Transaction by Certain Related Entities.--If any United
States dollars are so cleared or transferred by--
''(1) a foreign member of a United States person's
worldwide affiliated group, or
''(2) a foreign person who--
''(A) is not a member of a United States person's
worldwide affiliated group, but
''(B) has a correspondent account or payable-
through account for or with such a member or a United
States person,
such dollars shall be treated for purposes of subsection (a) as being
cleared or transferred by the United States person. The preceding
sentence shall apply with respect to a foreign person described in
paragraph (2) only if the member or United States person, as the case
may be, for or with whom the account is maintained knew or had reason
to know such dollars were being so cleared or transferred.
''(c) Threshold Limitation.--
''(1) In general.--The tax imposed by subsection (a) shall
only apply with respect to a United States person for a
calendar year to the extent the dollar amounts so cleared or
transferred during the calendar year by such United States
person (including any such amounts treated under subsection (b)
as cleared or transferred by such person) exceed $1,000,000.
''(2) Members of group.--For purposes of paragraph (1),
amounts cleared or transferred by a non-foreign member of such
person's worldwide affiliated group shall be treated as cleared
or transferred by such person.
''(d) Definitions.--For purposes of this section--
''(1) Worldwide affiliated group.--The term 'worldwide
affiliated group' means an affiliated group as defined in
section 1504(a), determined--
''(A) by substituting 'more than 50 percent' for
'at least 80 percent' each place it appears, and
''(B) without regard to section 1504(b).
A partnership or any other entity (other than a corporation)
shall be treated as a member of a worldwide affiliated group if
such entity is controlled (within the meaning of section
954(d)(3)) by members of such group (including any entity
treated as a member of such group by reason of this sentence).
''(2) Correspondent account.--The term 'correspondent
account' means an account established to receive deposits from,
or make payments on behalf of, a financial institution or
handle other financial transactions related to such
institution.
''(3) Payable-through account.--The term 'payable-through
account' means an account, including a transaction account (as
defined in section 19(b)(1)(C) of the Federal Reserve Act),
opened at a depository institution by another financial
institution by means of which the financial institution permits
its customers to engage, either directly or through a
subaccount, in banking activities usually in connection with
the business of banking.
''(4) Account.--The term 'account' means a formal banking
or business relationship established to provide regular
services, dealings, and other financial transactions and
includes a demand deposit, savings deposit, or other
transaction or asset account and a credit account or other
extension of credit.
''(5) Financial institution.--The term 'financial
institution' shall have the meaning given such term under
section 5312(a)(2) of title 31, United States Code.
''(6) Iranian person.--The term 'Iranian person' means--
''(A) any person in Iran,
''(B) any citizen or resident of Iran,
''(C) any foreign partnership or foreign
corporation which is organized or operated in Iran (or
is a member of such a person's worldwide affiliated
group),
''(D) any foreign trust if--
''(i) a court within Iran is able to
exercise primary supervision over the
administration of the trust, and
''(ii) one or more persons described in
subparagraph (A) or (B) have the authority to
control all substantial decisions of the trust,
and
''(E) any foreign estate a beneficiary of which is
a person described in subparagraph (A).
''(e) Special Rules.--
''(1) Certain licensed transactions.--This section shall
not apply in the case of a transaction authorized under part
535, 560, or 561 of title 31, Code of Federal Regulations, as
in effect on June 1, 2016.
''(2) Humanitarian assistance.--This section shall not
apply in the case of any transaction permitted--
''(A) under section 413 of the Iran Threat
Reduction and Syria Human Rights Act of 2012, or
''(B) under a license issued under the
International Emergency Economic Powers Act (50 U.S.C.
1701 et seq.) if--
''(i) such transaction relates solely to--
''(I) the provision of agricultural
commodities, food, medicine, or medical
devices to Iran, or
''(II) the provision of
humanitarian assistance to the people
of Iran, and
''(ii) the President submits a copy of the
license to the Committee on Ways and Means of
the House of Representatives and the Committee
on Finance of the Senate, the Committee on
Financial Services of the House of
Representatives and the Committee on Banking,
Housing, and Urban Affairs of the Senate, and
the Committee on Foreign Affairs of the House
of Representatives and the Committee on Foreign
Relations of the Senate.
''(3) Intelligence activities.--This section shall not
apply in the case of intelligence activities subject to
reporting requirements under title V of the National Security
Act of 1947 (50 U.S.C. 3091 et seq.).
''(4) Joint and several liability.--If more than 1 person
is liable under subsection (a) or (b) with respect to a dollar
clearing or transferring transaction, all such persons shall be
jointly and severally liable under such subsection with respect
to such transaction.''.
(b) Clerical Amendment.--The table of chapters for subtitle D of
such Code is amended by adding at the end the following new item:

''Chapter 50A. Clearing Transactions With Respect to Iran''.

(c) Effective Date.--The amendments made by this section shall
apply to transactions after June 21, 2016.
No Dollars for Ayatollahs Act This bill amends the Internal Revenue Code to impose an excise tax on any U.S. person who clears or transfers more than $1 million U.S. dollars per year for the direct or indirect benefit of the government of Iran or any Iranian person. The tax is equal to 100% of the amount that is cleared or transferred. The tax also applies to transactions by certain related entities, including the clearing or transferring of U.S dollars by: (1) a foreign member of a U.S. person's worldwide affiliated group, or (2) a foreign person who is not a member of a U.S. person's worldwide affiliated group, but has a correspondent account or payable-through account for or with such a member or a U.S. person. The tax applies to transactions by a foreign person described above if the member or U.S. person for or with whom the account is maintained knew or had reason to know the dollars were being cleared or transferred.