US Congress House Bill 5261 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Democrat 7)
Status: Introduced on May 17 2016 - 25% progression, died in committee
Action: 2016-05-17 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Protecting the U.S. Corporate Tax Base Act of 2016 This bill amends the Internal Revenue Code to revise the rules for taxing the earnings and determining the stock ownership of certain controlled foreign corporations (CFCs). The bill provides that, in the case of certain CFCs, subpart F income (income of a CFC earned outside the United States that is not tax deferred) includes a U.S. shareholder's pro rata share of any increase in the CFC's investment of earnings in certain foreign property. The bill also revises the rules for determining stock ownership to prohibit a CFC from transferring stock to a foreign affiliate to reduce the portion of stock owned by U.S. shareholders below the level required to be considered a CFC.

Protecting the U.S. Corporate Tax Base Act of 2016

Rep. Sander Levin [D-MI]	Sen. Chris Van Hollen [D-MD]	Rep. Charles Rangel [D-NY]	Rep. Jim McDermott [D-WA]
Rep. Mike Thompson [D-CA]	Rep. Bill Pascrell [D-NJ]	Rep. Danny Davis [D-IL]

Date	Chamber	Action
2016-05-17	House	Referred to the House Committee on Ways and Means.
2016-05-17	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/5261/all-info
Text	https://www.congress.gov/114/bills/hr5261/BILLS-114hr5261ih.pdf