US Congress House Bill 2225 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on May 1 2015 - 25% progression, died in committee
Action: 2015-05-01 - Referred to House Budget
Pending: House Budget Committee
Text: Latest bill text (Introduced) [PDF]

PRIMED Act Prioritizing Reinvestment in Infrastructure and Military while Eliminating Debt Act of 2015 This bill amends the Internal Revenue Code to allow corporate taxpayers to elect a tax deduction for cash dividends received from a controlled foreign corporation during the period beginning after the bill's enactment date and ending on December 31, 2016. The dividends received are subject to an effective tax rate of 5.25% when repatriated in the United States. The bill divides tax revenues attributable to such repatriated earnings equally for: (1) federal debt reduction, (2) transfers to the Highway Trust Fund, and (3) adjustments to limitations on defense discretionary spending.

PRIMED Act Prioritizing Reinvestment in Infrastructure and Military while Eliminating Debt Act of 2015

Rep. Mark Meadows [R-NC]

Date	Chamber	Action
2015-05-01	House	Referred to House Budget
2015-05-01	House	Referred to House Ways and Means
2015-05-01	House	Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2015-05-01	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/2225/all-info
Text	https://www.congress.gov/114/bills/hr2225/BILLS-114hr2225ih.pdf