US Congress Senate Bill 586 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on March 9 2017 - 25% progression, died in committee
Action: 2017-03-09 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Corporate Tax Dodging Prevention Act This bill amends the Internal Revenue Code, with respect to the taxation of the foreign-source income of domestic corporations, to: eliminate the deferral of tax on the foreign-source income of U.S. corporations for taxable years beginning after December 31, 2017; include previously deferred foreign-source income of corporations as taxable income; deny the foreign tax credit to large integrated oil companies that are dual capacity taxpayers; limit the offset of the foreign tax credit to income that is subject to U.S. tax; treat foreign corporations managed and controlled in the United States as domestic corporations for U.S. tax purposes; limit the tax deduction of the interest expense of a U.S. corporation that is a member of a financial reporting group (i.e., a group that prepares consolidated financial statements according to generally accepted accounting principles or international financial reporting standards); and 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 it holds more than 50% of the stock of the new entity (expanded affiliated group).

Corporate Tax Dodging Prevention Act

Sen. Bernard Sanders [I-VT]

Sen. Brian Schatz [D-HI]

Date	Chamber	Action
2017-03-09	Senate	Read twice and referred to the Committee on Finance.

HB1451 (Same As) 2017-03-09 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/senate-bill/586/all-info
Text	https://www.congress.gov/115/bills/s586/BILLS-115s586is.pdf