US Congress Senate Bill 2786 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 15-0)
Status: Introduced on September 10 2014 - 25% progression, died in committee
Action: 2014-09-10 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Corporate Inverters Earnings Stripping Reform Act of 2014 - Amends the Internal Revenue Code to impose limitations on the tax deduction for interest paid by corporations which are designated as applicable entities (i.e., members of an expanded affiliated group which includes a surrogate foreign corporation which is not treated as a domestic corporation). Prohibits such an entity from claiming a tax deduction for interest that exceeds 25% of its adjusted taxable income and from carrying forward interest which is paid or accrued during the first year in which such entity becomes an applicable entity. Requires an applicable entity to file an annual application for an approval agreement (i.e., a prefiling, advance pricing, or other agreement involving a related-party transaction) with the Internal Revenue Service (IRS) during the 10-year period after it becomes an applicable entity.

Corporate Inverters Earnings Stripping Reform Act of 2014

Sen. Charles Schumer [D-NY]	Sen. Tammy Baldwin [D-WI]	Sen. Sherrod Brown [D-OH]	Sen. Benjamin Cardin [D-MD]
Sen. Christopher Coons [D-DE]	Sen. Richard Durbin [D-IL]	Sen. Carl Levin [D-MI]	Sen. Edward Markey [D-MA]
Sen. Robert Menendez [D-NJ]	Sen. Jeff Merkley [D-OR]	Sen. Bill Nelson [D-FL]	Sen. Jack Reed [D-RI]
Sen. John Rockefeller [D-WV]	Sen. Debbie Stabenow [D-MI]	Sen. Elizabeth Warren [D-MA]

Date	Chamber	Action
2014-09-10	Senate	Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/senate-bill/2786/all-info
Text	https://www.congress.gov/113/bills/s2786/BILLS-113s2786is.pdf