US Congress Senate Bill 397 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Republican 1)
Status: Introduced on February 5 2015 - 25% progression, died in committee
Action: 2015-02-05 - Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S836)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

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 2014 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.

Foreign Earnings Reinvestment Act

Sen. John McCain [R-AZ]

Date	Chamber	Action
2015-02-05	Senate	Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S836)

HB788 (Same As) 2015-02-05 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/senate-bill/397/all-info
Text	https://www.congress.gov/114/bills/s397/BILLS-114s397is.pdf