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A bill to amend the Internal Revenue Code of 1986 to modify the treatment of foreign corporations, and for other purposes.

USA115th CongressS-586| Senate 
| Updated: 3/9/2017
Bernard Sanders

Bernard Sanders

Independent Senator

Vermont

Cosponsors (1)
Brian Schatz (Democratic)

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Corporate Tax Dodging Prevention Act This bill amends the Internal Revenue Code, with respect to the taxation of the foreign-source income of domestic corporations, to: eliminate the deferral of tax on the foreign-source income of U.S. corporations for taxable years beginning after December 31, 2017; include previously deferred foreign-source income of corporations as taxable income; deny the foreign tax credit to large integrated oil companies that are dual capacity taxpayers; limit the offset of the foreign tax credit to income that is subject to U.S. tax; treat foreign corporations managed and controlled in the United States as domestic corporations for U.S. tax purposes; limit the tax deduction of the interest expense of a U.S. corporation that is a member of a financial reporting group (i.e., a group that prepares consolidated financial statements according to generally accepted accounting principles or international financial reporting standards); and revise rules for the taxation of inverted corporations (i.e., U.S. corporations that acquire foreign companies to reincorporate in a foreign jurisdiction with income tax rates lower than the United States) to provide that a foreign corporation that acquires the properties of a U.S. corporation or partnership after May 8, 2014, shall be treated as an inverted corporation and thus subject to U.S. taxation if, after such acquisition it holds more than 50% of the stock of the new entity (expanded affiliated group).
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Timeline
Mar 9, 2017

Latest Companion Bill Action

HR 115-1451
Introduced in House
Mar 9, 2017
Introduced in Senate
Mar 9, 2017
Read twice and referred to the Committee on Finance.
  • March 9, 2017

    Latest Companion Bill Action

    HR 115-1451
    Introduced in House


  • March 9, 2017
    Introduced in Senate


  • March 9, 2017
    Read twice and referred to the Committee on Finance.

Taxation

Related Bills

  • HR 115-1451: To amend the Internal Revenue Code of 1986 to modify the treatment of foreign corporations, and for other purposes.
Corporate finance and managementForeign and international corporationsIncome tax creditsIncome tax deductionsInterest, dividends, interest ratesOil and gasTax administration and collection, taxpayersTaxation of foreign income

A bill to amend the Internal Revenue Code of 1986 to modify the treatment of foreign corporations, and for other purposes.

USA115th CongressS-586| Senate 
| Updated: 3/9/2017
Corporate Tax Dodging Prevention Act This bill amends the Internal Revenue Code, with respect to the taxation of the foreign-source income of domestic corporations, to: eliminate the deferral of tax on the foreign-source income of U.S. corporations for taxable years beginning after December 31, 2017; include previously deferred foreign-source income of corporations as taxable income; deny the foreign tax credit to large integrated oil companies that are dual capacity taxpayers; limit the offset of the foreign tax credit to income that is subject to U.S. tax; treat foreign corporations managed and controlled in the United States as domestic corporations for U.S. tax purposes; limit the tax deduction of the interest expense of a U.S. corporation that is a member of a financial reporting group (i.e., a group that prepares consolidated financial statements according to generally accepted accounting principles or international financial reporting standards); and revise rules for the taxation of inverted corporations (i.e., U.S. corporations that acquire foreign companies to reincorporate in a foreign jurisdiction with income tax rates lower than the United States) to provide that a foreign corporation that acquires the properties of a U.S. corporation or partnership after May 8, 2014, shall be treated as an inverted corporation and thus subject to U.S. taxation if, after such acquisition it holds more than 50% of the stock of the new entity (expanded affiliated group).
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Mar 9, 2017

Latest Companion Bill Action

HR 115-1451
Introduced in House
Mar 9, 2017
Introduced in Senate
Mar 9, 2017
Read twice and referred to the Committee on Finance.
  • March 9, 2017

    Latest Companion Bill Action

    HR 115-1451
    Introduced in House


  • March 9, 2017
    Introduced in Senate


  • March 9, 2017
    Read twice and referred to the Committee on Finance.
Bernard Sanders

Bernard Sanders

Independent Senator

Vermont

Cosponsors (1)
Brian Schatz (Democratic)

Finance Committee

Taxation

Related Bills

  • HR 115-1451: To amend the Internal Revenue Code of 1986 to modify the treatment of foreign corporations, and for other purposes.
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Corporate finance and managementForeign and international corporationsIncome tax creditsIncome tax deductionsInterest, dividends, interest ratesOil and gasTax administration and collection, taxpayersTaxation of foreign income