US SB2140 | 2019-2020 | 116th Congress
Status
Spectrum: Strong Partisan Bill (Democrat 12-1)
Status: Introduced on July 17 2019 - 25% progression, died in committee
Action: 2019-07-17 - Read twice and referred to the Committee on Finance. (text: CR S4911-4912)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on July 17 2019 - 25% progression, died in committee
Action: 2019-07-17 - Read twice and referred to the Committee on Finance. (text: CR S4911-4912)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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 2019
Sponsors
| Sen. Richard Durbin [D-IL] | Sen. Jack Reed [D-RI] | Sen. Elizabeth Warren [D-MA] | Sen. Sherrod Brown [D-OH] |
| Sen. Tammy Baldwin [D-WI] | Sen. Sheldon Whitehouse [D-RI] | Sen. Jeff Merkley [D-OR] | Sen. Dianne Feinstein [D-CA] |
| Sen. Tammy Duckworth [D-IL] | Sen. Bernard Sanders [I-VT] | Sen. Richard Blumenthal [D-CT] | Sen. Mazie Hirono [D-HI] |
| Sen. Patrick Leahy [D-VT] |
History
| Date | Chamber | Action |
|---|---|---|
| 2019-07-17 | Senate | Read twice and referred to the Committee on Finance. (text: CR S4911-4912) |
Same As/Similar To
HB1711 (Related) 2019-03-13 - Referred to the House Committee on Ways and Means.
HB1712 (Related) 2019-03-13 - Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
SB779 (Related) 2019-03-13 - Read twice and referred to the Committee on Finance.
SB780 (Related) 2019-03-13 - Read twice and referred to the Committee on Finance.
SB2139 (Related) 2019-07-17 - Read twice and referred to the Committee on Homeland Security and Governmental Affairs. (text: CR S4909-4911)
HB1712 (Related) 2019-03-13 - Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
SB779 (Related) 2019-03-13 - Read twice and referred to the Committee on Finance.
SB780 (Related) 2019-03-13 - Read twice and referred to the Committee on Finance.
SB2139 (Related) 2019-07-17 - Read twice and referred to the Committee on Homeland Security and Governmental Affairs. (text: CR S4909-4911)
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/116th-congress/senate-bill/2140/all-info |
| Text | https://www.congress.gov/116/bills/s2140/BILLS-116s2140is.pdf |
