US SB198 | 2015-2016 | 114th Congress
Status
Spectrum: Strong Partisan Bill (Democrat 15-1)
Status: Introduced on January 20 2015 - 25% progression, died in committee
Action: 2015-01-20 - Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S286)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on January 20 2015 - 25% progression, died in committee
Action: 2015-01-20 - Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S286)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Stop Corporate Inversions Act of 2015 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) to provide 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 2015
Sponsors
| Sen. Richard Durbin [D-IL] | Sen. Jack Reed [D-RI] | Sen. Sheldon Whitehouse [D-RI] | Sen. Elizabeth Warren [D-MA] |
| Sen. Mazie Hirono [D-HI] | Sen. Al Franken [D-MN] | Sen. Dianne Feinstein [D-CA] | Sen. Barbara Boxer [D-CA] |
| Sen. Bernard Sanders [I-VT] | Sen. Jeff Merkley [D-OR] | Sen. Tammy Baldwin [D-WI] | Sen. Brian Schatz [D-HI] |
| Sen. Patrick Leahy [D-VT] | Sen. Gary Peters [D-MI] | Sen. Barbara Mikulski [D-MD] | Sen. Edward Markey [D-MA] |
History
| Date | Chamber | Action |
|---|---|---|
| 2015-01-20 | Senate | Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S286) |
Same As/Similar To
HB415 (Same As) 2015-01-20 - Referred to the House Committee on Ways and Means.
SB174 (Related) 2015-01-13 - Read twice and referred to the Committee on Finance.
HB297 (Related) 2015-01-13 - Referred to House Financial Services
SB2398 (Related) 2015-12-10 - Read twice and referred to the Committee on Finance.
HB3064 (Related) 2015-08-18 - Referred to the Subcommittee on Research and Technology.
SB2539 (Related) 2016-02-10 - Read twice and referred to the Committee on Finance.
HB5125 (Related) 2016-04-29 - Referred to the House Committee on Ways and Means.
SB174 (Related) 2015-01-13 - Read twice and referred to the Committee on Finance.
HB297 (Related) 2015-01-13 - Referred to House Financial Services
SB2398 (Related) 2015-12-10 - Read twice and referred to the Committee on Finance.
HB3064 (Related) 2015-08-18 - Referred to the Subcommittee on Research and Technology.
SB2539 (Related) 2016-02-10 - Read twice and referred to the Committee on Finance.
HB5125 (Related) 2016-04-29 - Referred to the House Committee on Ways and Means.
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/114th-congress/senate-bill/198/all-info |
| Text | https://www.congress.gov/114/bills/s198/BILLS-114s198is.pdf |
