US SB1636 | 2017-2018 | 115th Congress
Status
Spectrum: Partisan Bill (Democrat 13-0)
Status: Introduced on July 26 2017 - 25% progression, died in committee
Action: 2017-07-26 - Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4301-4302)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on July 26 2017 - 25% progression, died in committee
Action: 2017-07-26 - Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4301-4302)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Stop Corporate Inversions Act of 2017 This bill amends the Internal Revenue Code to revise rules for the taxation of inverted corporations (i.e., U.S. corporations that acquire foreign companies to reincorporate in a foreign jurisdiction with income tax rates lower than the United States). The bill provides that a foreign corporation that acquires the properties of a U.S. corporation or partnership after May 8, 2014, shall be treated as an inverted corporation and thus subject to U.S. taxation if, after such acquisition: (1) it holds more than 50% of the stock of the new entity (expanded affiliated group), or (2) the management or control of the new entity occurs primarily within the United States and the new entity has significant domestic business activities.
Title
Stop Corporate Inversions Act of 2017
Sponsors
| Sen. Richard Durbin [D-IL] | Sen. Jack Reed [D-RI] | Sen. Sherrod Brown [D-OH] | Sen. Al Franken [D-MN] |
| Sen. Dianne Feinstein [D-CA] | Sen. Sheldon Whitehouse [D-RI] | Sen. Jeff Merkley [D-OR] | Sen. Chris Van Hollen [D-MD] |
| Sen. Tammy Duckworth [D-IL] | Sen. Mazie Hirono [D-HI] | Sen. Elizabeth Warren [D-MA] | Sen. Tammy Baldwin [D-WI] |
| Sen. Patrick Leahy [D-VT] |
History
| Date | Chamber | Action |
|---|---|---|
| 2017-07-26 | Senate | Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4301-4302) |
Same As/Similar To
HB3434 (Same As) 2017-07-26 - Referred to the House Committee on Ways and Means.
HB3314 (Related) 2018-05-22 - Referred to the Subcommittee on Energy.
SB987 (Related) 2017-07-11 - Star Print ordered on the bill.
HB5108 (Related) 2018-02-27 - Referred to the House Committee on Ways and Means.
SB2459 (Related) 2018-02-27 - Read twice and referred to the Committee on Finance.
HB3314 (Related) 2018-05-22 - Referred to the Subcommittee on Energy.
SB987 (Related) 2017-07-11 - Star Print ordered on the bill.
HB5108 (Related) 2018-02-27 - Referred to the House Committee on Ways and Means.
SB2459 (Related) 2018-02-27 - Read twice and referred to the Committee on Finance.
Subjects
Administrative law and regulatory procedures
Corporate finance and management
Department of the Treasury
Foreign and international corporations
Income tax rates
Taxation
Taxation of foreign income
Corporate finance and management
Department of the Treasury
Foreign and international corporations
Income tax rates
Taxation
Taxation of foreign income
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/115th-congress/senate-bill/1636/all-info |
| Text | https://www.congress.gov/115/bills/s1636/BILLS-115s1636is.pdf |
