1. Short title This Act may be cited as the Deliver Executive Profits On Seized Institutions to Taxpayers Act or the DEPOSIT Act . 2. Sense of the Senate It is the sense of the Senate that the revenue raised from the tax imposed under subsection (k) of section 1 of the Internal Revenue Code of 1986 (as added by section 3) will be returned to the Deposit Insurance Fund (as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 )). 3. Higher rate of tax on bonuses and stock profits received by certain bank executives (a) In general Section 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: (k) Rate of tax on profits received by certain bank executives (1) In general In the case of any applicable individual who receives any excluded profits during the taxable year, the tax imposed by this section shall be equal to— (A) the tax which would be imposed by this section if the taxable income of such individual for the taxable year were reduced (but not below zero) by the amount of the excluded profits received by such individual during such taxable year, plus (B) 90 percent of the excluded profits described in subclause (I) of paragraph (2)(B)(i) which were received by such individual during such taxable year, plus (C) 100 percent of the excluded profits described in subclause (II) of such paragraph which were received by such individual during such taxable year. (2) Definitions For purposes of this subsection— (A) Applicable individual The term applicable individual means any individual— (i) who— (I) was employed by an insured depository institution for which the Federal Deposit Insurance Corporation has been appointed conservator or receiver, and (II) served as an executive officer for such institution prior to such conservatorship or receivership, and (ii) with respect to the taxable year in which the excluded profits were received, whose adjusted gross income (reduced by the amount of such excluded profits) for such taxable year was greater than