They're exempt in that year and then the tax ultimately could get paid.
Perhaps I'll just finish this. If you look at the chart, it first expresses the effective federal corporate tax rate as a percentage of earnings before interest, taxes, depreciation, and amortization, and you can see that runs from 6.6%, which is the average we've assumed in the paper, and if you run that across the road to see the column that's headed 38%, which is the percentage of tax-exempt investors we've assumed, that's your $500 million.
If you adjust those parameters, for example, if you increase the tax rate by one percentage point on the left column, which I should say is not a statutory corporate tax rate--that's the effective rate and it would translate to an effective corporate tax rate on pretax profits of 16.4%--then you can see that the revenue estimate would increase to about $700 million, and similarly, you can walk down the column.
Alternatively, if you were to--