US SB1671 | 2011-2012 | 112th Congress
Status
Spectrum: Slight Partisan Bill (Republican 9-3)
Status: Introduced on October 6 2011 - 25% progression, died in committee
Action: 2011-10-06 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on October 6 2011 - 25% progression, died in committee
Action: 2011-10-06 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Foreign Earnings Reinvestment Act - Amends the Internal Revenue Code to: (1) extend the election allowed to a domestic corporation to deduct current and accumulated dividends received from a controlled foreign corporation to the corporation's last taxable year beginning before the enactment of this Act or the first taxable year which begins during the one-year period beginning on such enactment date, (2) reduce tax rates on foreign earnings of domestic corporations that reinvest such earnings in the United States and that expand their payrolls over 2010 levels, and (3) increase the taxable income of domestic corporations that fail to maintain employment levels in the 23-month period after receiving a reduction in tax rates under this Act.
Title
Foreign Earnings Reinvestment Act
Sponsors
Sen. Kay Hagan [D-NC] | Sen. Roy Blunt [R-MO] | Sen. John Boozman [R-AR] | Sen. Barbara Boxer [D-CA] |
Sen. Scott Brown [R-MA] | Sen. Lindsey Graham [R-SC] | Sen. Dean Heller [R-NV] | Sen. Johnny Isakson [R-GA] |
Sen. Mike Johanns [R-NE] | Sen. Joe Manchin [D-WV] | Sen. John McCain [R-AZ] | Sen. Lisa Murkowski [R-AK] |
History
Date | Chamber | Action |
---|---|---|
2011-10-06 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB1834 (Related) 2011-05-11 - Referred to the House Committee on Ways and Means.
HB6474 (Related) 2012-09-20 - Referred to House Budget
HB6474 (Related) 2012-09-20 - Referred to House Budget
Subjects
Corporate finance and management
Income tax deductions
Interest, dividends, interest rates
Taxation
Taxation of foreign income
Unemployment
Income tax deductions
Interest, dividends, interest rates
Taxation
Taxation of foreign income
Unemployment
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/112th-congress/senate-bill/1671/all-info |
Text | https://www.congress.gov/112/bills/s1671/BILLS-112s1671is.pdf |