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131 STAT. 2214 PUBLIC LAW 115–97—DEC. 22, 2017 ‘‘(A) ‘21.875 percent’ for ‘37.5 percent’ in subparagraph (A), and ‘‘(B) ‘37.5 percent’ for ‘50 percent’ in subparagraph (B). ‘‘(b) FOREIGN-DERIVED INTANGIBLE INCOME.—For purposes of this section— ‘‘(1) IN GENERAL.—The foreign-derived intangible income of any domestic corporation is the amount which bears the same ratio to the deemed intangible income of such corporation as— ‘‘(A) the foreign-derived deduction eligible income of such corporation, bears to ‘‘(B) the deduction eligible income of such corporation. ‘‘(2) DEEMED INTANGIBLE INCOME.—For purposes of this subsection— ‘‘(A) IN GENERAL.—The term ‘deemed intangible income’ means the excess (if any) of— ‘‘(i) the deduction eligible income of the domestic corporation, over ‘‘(ii) the deemed tangible income return of the cor- poration. ‘‘(B) DEEMED TANGIBLE INCOME RETURN.—The term ‘deemed tangible income return’ means, with respect to any corporation, an amount equal to 10 percent of the corporation’s qualified business asset investment (as defined in section 951A(d), determined by substituting ‘deduction eligible income’ for ‘tested income’ in paragraph (2) thereof and without regard to whether the corporation is a controlled foreign corporation). ‘‘(3) DEDUCTION ELIGIBLE INCOME.— ‘‘(A) IN GENERAL.—The term ‘deduction eligible income’ means, with respect to any domestic corporation, the excess (if any) of— ‘‘(i) gross income of such corporation determined without regard to— ‘‘(I) any amount included in the gross income of such corporation under section 951(a)(1), ‘‘(II) the global intangible low-taxed income included in the gross income of such corporation under section 951A, ‘‘(III) any financial services income (as defined in section 904(d)(2)(D)) of such corporation, ‘‘(IV) any dividend received from a corporation which is a controlled foreign corporation of such domestic corporation, ‘‘(V) any domestic oil and gas extraction income of such corporation, and ‘‘(VI) any foreign branch income (as defined in section 904(d)(2)(J)), over ‘‘(ii) the deductions (including taxes) properly allo- cable to such gross income. ‘‘(B) DOMESTIC OIL AND GAS EXTRACTION INCOME.—For purposes of subparagraph (A), the term ‘domestic oil and gas extraction income’ means income described in section 907(c)(1), determined by substituting ‘within the United States’ for ‘without the United States’. VerDate Sep 11 2014 10:09 Oct 18, 2018 Jkt 079139 PO 00097 Frm 00162 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL097.115 PUBL097 dkrause on DSKBC28HB2PROD with PUBLAWS