the securities of which are required to be registered under section 12 of such Act ( 15 U.S.C. 78l ), or (B) that is required to file reports under section 15(d) of such Act ( 15 U.S.C. 78o(d) ). . (2) Conforming amendment Section 162(m)(3), as amended by subsection (b), is amended by adding at the end the following flush sentence: Such term shall include any employee who would be described in subparagraph (B) if the reporting described in such subparagraph were required as so described. . (d) Special rule for remuneration paid to beneficiaries, etc Paragraph (4) of section 162(m), as amended by subsection (a), is amended by adding at the end the following new subparagraph: (F) Special rule for remuneration paid to beneficiaries, etc Remuneration shall not fail to be applicable employee remuneration merely because it is includible in the income of, or paid to, a person other than the covered employee, including after the death of the covered employee. . (e) Effective date (1) In general Except as provided in paragraph (2), the amendments made by this section shall apply to taxable years beginning after December 31, 2017. (2) Exception for binding contracts The amendments made by this section shall not apply to remuneration which is pursuant to a written binding contract which was in effect on November 2, 2017, and which was not modified in any material respect on or after such date. 13602. Excise tax on excess tax-exempt organization executive compensation (a) In general Subchapter D of chapter 42 is amended by adding at the end the following new section: 4960. Tax on excess tax-exempt organization executive compensation (a) Tax imposed There is hereby imposed a tax equal to 20 percent of the sum of— (1) so much of the remuneration paid (other than any excess parachute payment) by an applicable tax-exempt organization for the taxable year with respect to employment of any covered employee in excess of $1,000,000, plus (2) any excess parachute payment paid by such an organization to any covered employee. For