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Corporate Tax Dodging Prevention Act

USA117th CongressS-991| Senate 
| Updated: 3/25/2021
Bernard Sanders

Bernard Sanders

Independent Senator

Vermont

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Corporate Tax Dodging Prevention Act This bill modifies tax provisions relating to certain large domestic and foreign corporations to prevent offshoring of jobs and factories and tax evasion. Specifically, the bill restores higher tax rates on the taxable income of corporations and personal service corporations (up to 35% on taxable income exceeding $10 million); revises the definition of subpart F income for controlled foreign corporations to equalize tax rates on domestic and foreign corporations; requires multinational companies to disclose basic country-by-country information including revenues, profits, and number of employees; prohibits corporations from disregarding parts of their structure in determining whether they owe taxes in the current year or can defer payment (repeal of check-the-box rules); impose limitations on the tax deduction for the interest expense of members of financial reporting groups with excess domestic indebtedness; modifies rules relating to inverted corporations; treats corporations with gross assets of $50 million or more and managed and controlled in the United States as U.S. taxpayers; increases the rate and expands the applicability of the base erosion and anti-abuse excise tax; modifies foreign tax credit rules applicable to certain industries receiving specific economic benefits; and repeals the tax deduction for foreign-derived intangible income.
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Timeline
Mar 25, 2021
Introduced in Senate
Mar 25, 2021
Read twice and referred to the Committee on Finance.
Mar 26, 2021

Latest Companion Bill Action

HR 117-2254
Introduced in House
  • March 25, 2021
    Introduced in Senate


  • March 25, 2021
    Read twice and referred to the Committee on Finance.


  • March 26, 2021

    Latest Companion Bill Action

    HR 117-2254
    Introduced in House

Taxation

Related Bills

  • HR 117-2254: Corporate Tax Dodging Prevention Act
Corporate finance and managementForeign and international corporationsIncome tax creditsIncome tax deductionsIncome tax ratesInterest, dividends, interest ratesInternational law and treatiesTax administration and collection, taxpayersTaxation of foreign income

Corporate Tax Dodging Prevention Act

USA117th CongressS-991| Senate 
| Updated: 3/25/2021
Corporate Tax Dodging Prevention Act This bill modifies tax provisions relating to certain large domestic and foreign corporations to prevent offshoring of jobs and factories and tax evasion. Specifically, the bill restores higher tax rates on the taxable income of corporations and personal service corporations (up to 35% on taxable income exceeding $10 million); revises the definition of subpart F income for controlled foreign corporations to equalize tax rates on domestic and foreign corporations; requires multinational companies to disclose basic country-by-country information including revenues, profits, and number of employees; prohibits corporations from disregarding parts of their structure in determining whether they owe taxes in the current year or can defer payment (repeal of check-the-box rules); impose limitations on the tax deduction for the interest expense of members of financial reporting groups with excess domestic indebtedness; modifies rules relating to inverted corporations; treats corporations with gross assets of $50 million or more and managed and controlled in the United States as U.S. taxpayers; increases the rate and expands the applicability of the base erosion and anti-abuse excise tax; modifies foreign tax credit rules applicable to certain industries receiving specific economic benefits; and repeals the tax deduction for foreign-derived intangible income.
View Full Text

Suggested Questions

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

Timeline
Mar 25, 2021
Introduced in Senate
Mar 25, 2021
Read twice and referred to the Committee on Finance.
Mar 26, 2021

Latest Companion Bill Action

HR 117-2254
Introduced in House
  • March 25, 2021
    Introduced in Senate


  • March 25, 2021
    Read twice and referred to the Committee on Finance.


  • March 26, 2021

    Latest Companion Bill Action

    HR 117-2254
    Introduced in House
Bernard Sanders

Bernard Sanders

Independent Senator

Vermont

Finance Committee

Taxation

Related Bills

  • HR 117-2254: Corporate Tax Dodging Prevention Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Corporate finance and managementForeign and international corporationsIncome tax creditsIncome tax deductionsIncome tax ratesInterest, dividends, interest ratesInternational law and treatiesTax administration and collection, taxpayersTaxation of foreign income