; and (II) provide the report described in subparagraph (B) to the Internal Revenue Service. (v) Limitation An applicable entity may request a hearing under clause (iii) with respect to a particular insulin product only once within a 5-year period. (f) Notification The Secretary of the Treasury shall notify, at such time and in such manner as the Secretary of the Treasury shall provide, each applicable entity in regard to any insulin product which has been determined to have been subject to a price spike during the preceding calendar year and the amount of the tax imposed on such applicable entity pursuant to section 4191 of the Internal Revenue Code of 1986. (g) Excise tax on insulin products subject to price spikes (1) In general Chapter 32 of the Internal Revenue Code of 1986 is amended by inserting after subchapter D the following new subchapter: E Certain insulin products Sec. 4191. Insulin products subject to price spikes. 4191. Insulin products subject to price spikes (a) Imposition of tax (1) In general Subject to paragraph (3), for each taxable insulin product sold by an applicable entity during the calendar year, there is hereby imposed on such entity a tax equal to the greater of— (A) the annual price spike tax for such insulin product, or (B) subject to paragraph (2), the cumulative price spike tax for such insulin product. (2) Limitation In the case of a taxable insulin product for which the applicable period (as determined under subsection (c)(2)(E)(i)) is less than 2 calendar years, the cumulative price spike tax shall not apply. (3) Exemption For any calendar year in which the Secretary of Health and Human Services has provided an exemption for a taxable insulin product pursuant to section 4(d) of the Emergency Access to Insulin Act of 2023 , the amount of the tax determined under paragraph (1) for such insulin product for such calendar year shall be reduced to zero. (b) Annual price spike tax (1) In general The amount of the annual price spike tax shall be equal to the applicable percentage of