S. 2786 · 113th Congress
Corporate Inverters Earnings Stripping Reform Act of 2014
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Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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SchumerSponsor14 cosponsors · 14 D
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Brown
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Baldwin
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Cardin
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Coons
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Durbin
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Levin
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Markey
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Menendez
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Merkley
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Reed
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Rockefeller
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Stabenow
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Warren
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Nelson13 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Corporate Inverters Earnings Stripping Reform Act of 2014 - 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).
What it does: CRS summary · Introduced in Senate · Sep 10, 2014
Corporate Inverters Earnings Stripping Reform Act of 2014 - 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). Prohibits such an entity from claiming a tax deduction for interest that exceeds 25% of its adjusted taxable income and from carrying forward interest which is paid or accrued during the first year in which such entity becomes an applicable entity.
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 (IRS) during the 10-year period after it becomes an applicable entity.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Corporate Inverters Earnings Stripping Reform Act of 2014
Latest action (Sep 10, 2014): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Sep 10, 2014
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.