1986 is amended by adding at the end the following new subparagraph: (I) Termination This paragraph shall not apply to taxable years beginning after December 31, 2016. . 222. Economic substance doctrine (a) In general Subsection (o) of section 7701 of the Internal Revenue Code of 1986 is repealed. (b) Penalty for underpayments Paragraph (6) of section 6662(b) of the Internal Revenue Code of 1986 is repealed. (c) Increased penalty for nondisclosed transactions Subsection (i) of section 6662 of the Internal Revenue Code of 1986 is repealed. (d) Reasonable cause exception for underpayments Paragraph (2) of section 6664(c) of the Internal Revenue Code of 1986 is repealed. (e) Reasonable cause exception for nondisclosed transactions Paragraph (2) of section 6664(d) of the Internal Revenue Code of 1986 is repealed. (f) Erroneous claim for refund or credit Subsection (c) of section 6676 of the Internal Revenue Code of 1986 is repealed. (g) Effective date The repeals made by this section shall apply to transactions entered into, and to underpayments, understatements, or refunds and credits attributable to transactions entered into, after December 31, 2016. 223. Budgetary savings for extending medicare solvency As a result of policies contained in this Act, the Secretary of the Treasury shall transfer to the Federal Hospital Insurance Trust Fund under section 1817 of the Social Security Act ( 42 U.S.C. 1395i ) $_______ (which represents the full amount of on-budget savings during the period of fiscal years 2017 through 2026) for extending Medicare solvency, to remain available until expended.