A bill to amend title XVI of the Social Security Act to provide that the existing requirement for deeming a parent's income and resources to his or her children under age 18 shall not apply in the case of certain severely disabled children, and for other purposes.

Amends title XVI (Supplemental Security Income) (SSI) of the Social Security Act to exclude parental income and resources from the determination of a disabled child's SSI eligibility if such child requires the level of care provided in a hospital, skilled nursing facility, or intermediate care facility, but care outside such a facility is appropriate and less costly.

Amends the Internal Revenue Code to impose a 50 percent excise tax on gain or other income realized by greenmail (amounts paid by corporations in redeeming their stock from certain shareholders) recipients.