US SB2666 | 2015-2016 | 114th Congress
Status
Spectrum: Partisan Bill (Democrat 9-0)
Status: Introduced on March 10 2016 - 25% progression, died in committee
Action: 2016-03-10 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on March 10 2016 - 25% progression, died in committee
Action: 2016-03-10 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Corporate Inverters Earnings Stripping Reform Act of 2016 This bill amends the Internal Revenue Code to impose limitations on the tax deduction for interest paid by corporations which are designated as applicable entities (i.e., members of an expanded affiliated group which includes a surrogate foreign corporation which is not treated as a domestic corporation). Such an entity may not claim a tax deduction for interest that exceeds 25% of its adjusted taxable income and may not carry forward interest which is paid or accrued during the first year in which such entity becomes an applicable entity. The bill requires an applicable entity to file an annual application for an approval agreement (i.e., a prefiling, advance pricing, or other agreement involving a related-party transaction) with the Internal Revenue Service during the 10-year period after it becomes an applicable entity.
Title
Corporate Inverters Earnings Stripping Reform Act of 2016
Sponsors
Sen. Charles Schumer [D-NY] | Sen. Richard Durbin [D-IL] | Sen. Sherrod Brown [D-OH] | Sen. Benjamin Cardin [D-MD] |
Sen. Bill Nelson [D-FL] | Sen. Debbie Stabenow [D-MI] | Sen. Robert Menendez [D-NJ] | Sen. Elizabeth Warren [D-MA] |
Sen. Dianne Feinstein [D-CA] |
History
Date | Chamber | Action |
---|---|---|
2016-03-10 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB4581 (Related) 2016-02-23 - Referred to the House Committee on Ways and Means.
Subjects
Corporate finance and management
Foreign and international corporations
Income tax deductions
Interest, dividends, interest rates
Tax administration and collection, taxpayers
Taxation
Foreign and international corporations
Income tax deductions
Interest, dividends, interest rates
Tax administration and collection, taxpayers
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/114th-congress/senate-bill/2666/all-info |
Text | https://www.congress.gov/114/bills/s2666/BILLS-114s2666is.pdf |