Corporate Tax Fairness and Shareholder Rights Act of 2003

Key: what the circles and colors mean

Each circle is a bill. The ring fills as it moves through Congress:

IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.

Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.

Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

D BayhSponsor

No cosponsors.

What it does: CRS summary · Introduced in Senate · Jan 31, 2003

Corporate Tax Fairness and Shareholder Rights Act of 2003 - Amends the Internal Revenue Code (IRC) by determining that acquiring corporations in"corporate expatriation transactions" shall be considered domestic corporations. Defines a "corporate expatriation transaction" as, with certain exceptions, one in which a "nominally foreign corporation" acquires substantially all of the properties held by a domestic corporation and in which, immediately after the transaction, more than 80 percent of the stock of the acquiring corporation is held by former shareholders of the domestic corporation. Lowers the 80 percent threshold to 50 percent when the acquiring "nominally foreign corporation" lacks substantial business activities in the foreign country in which it was created and organized compared to the total activities of the "expanded affiliated group" and the stock is publicly traded, with the principal market of trading being the United States. Defines the terms "nominally foreign corporation" and "expanded affiliated group."

Applies similar rules to partnership transactions.

Establishes that a series of related transactions relevant to the Act shall be handled as a single transaction.

Amends the Securities Act of 1934 to require: (1) disclosure to shareholders, and effects of, corporate expatriation transaction; and (2) disclosure to the SEC of the approval of any corporate expatriate transaction.

Amends the IRC to temporarily (through 2007) increase the expensing limit and phaseout threshold.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Corporate Tax Fairness and Shareholder Rights Act of 2003

Latest action (Mar 4, 2003): Read twice and referred to the Committee on Finance.

Policy area: Taxation · Origin: Senate · Introduced: Mar 4, 2003

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.