US HB5240 | 2019-2020 | 116th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on November 21 2019 - 25% progression, died in committee
Action: 2019-11-21 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on November 21 2019 - 25% progression, died in committee
Action: 2019-11-21 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Amends the Internal Revenue Code to make permanent the tax rule exempting dividends, interest, rents, and royalties received or accrued from certain controlled foreign corporations by a related entity from treatment as foreign holding company income (thus permitting tax deferral of such income).
Title
To amend the Internal Revenue Code of 1986 to make the look-thru rule for related controlled foreign corporations permanent.
Sponsors
Rep. Ron Kind [D-WI] | Rep. George Holding [R-NC] | Rep. Gwen Moore [D-WI] | Rep. Jackie Walorski [R-IN] |
Rep. Thomas Suozzi [D-NY] | Rep. Darin LaHood [R-IL] | Rep. Brian Higgins [D-NY] | Rep. Drew Ferguson [R-GA] |
Rep. John Larson [D-CT] | Rep. Ron Estes [R-KS] | Rep. Terri Sewell [D-AL] | Rep. Bradley Schneider [D-IL] |
Rep. Jason Smith [R-MO] | Rep. David Schweikert [R-AZ] | Rep. Jody Arrington [R-TX] |
History
Date | Chamber | Action |
---|---|---|
2019-11-21 | House | Referred to the House Committee on Ways and Means. |
2019-11-21 | House | Introduced in House |
Same As/Similar To
HB3301 (Similar To) 2020-01-21 - Placed on the Union Calendar, Calendar No. 300.
Subjects
Foreign and international corporations
Income tax deferral
Taxation
Taxation of foreign income
U.S. and foreign investments
Income tax deferral
Taxation
Taxation of foreign income
U.S. and foreign investments
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/house-bill/5240/all-info |
Text | https://www.congress.gov/116/bills/hr5240/BILLS-116hr5240ih.pdf |