“(a) In general.—There is hereby imposed on any specified secured loan or line of credit a tax equal to 20 percent of the amount borrowed during the taxable year with respect to such loan or line of credit.

“(b) Payment of tax.—

“(1) IN GENERAL.—The tax imposed under subsection (a) with respect to any specified secured loan or line of credit shall be paid by the borrower with respect to such loan or line of credit.

“(2) COLLECTION.—The tax imposed under subsection (a) with respect to such loan or line of credit shall be collected annually by the Secretary at such time and in such manner as provided by the Secretary.

“(c) Definitions.—For purposes of this section—

“(1) SPECIFIED SECURED LOAN OR LINE OF CREDIT.—The term ‘specified secured loan or line of credit’—

“(A) means a loan or revolving credit arrangement secured by one or more capital assets (as defined in section 1221(a)) of an applicable borrower, under which the amount of the loan or available credit is based on the value of such asset, and

“(B) does not include residential mortgage loans, home equity loans and lines of credit, margin loans, or lines of credit and loans secured by farmland.

“(2) APPLICABLE BORROWER.—The term ‘applicable borrower’ means an individual with an adjusted gross income greater than $400,000 ($450,000 in the case of a joint return).

“(d) Regulations and guidance.—The Secretary may promulgate such regulations or guidance as necessary to carry out the provisions of this section.”.

“(a) In general.—There is hereby imposed on any specified secured loan or line of credit a tax equal to 20 percent of the amount borrowed during the taxable year with respect to such loan or line of credit.

“(b) Payment of tax.—

“(1) IN GENERAL.—The tax imposed under subsection (a) with respect to any specified secured loan or line of credit shall be paid by the borrower with respect to such loan or line of credit.

“(2) COLLECTION.—The tax imposed under subsection (a) with respect to such loan or line of credit shall be collected annually by the Secretary at such time and in such manner as provided by the Secretary.

“(c) Definitions.—For purposes of this section—

“(1) SPECIFIED SECURED LOAN OR LINE OF CREDIT.—The term ‘specified secured loan or line of credit’—

“(A) means a loan or revolving credit arrangement secured by one or more capital assets (as defined in section 1221(a)) of an applicable borrower, under which the amount of the loan or available credit is based on the value of such asset, and

“(B) does not include residential mortgage loans, home equity loans and lines of credit, margin loans, or lines of credit and loans secured by farmland.

“(2) APPLICABLE BORROWER.—The term ‘applicable borrower’ means an individual with an adjusted gross income greater than $400,000 ($450,000 in the case of a joint return).

“(d) Regulations and guidance.—The Secretary may promulgate such regulations or guidance as necessary to carry out the provisions of this section.”.