H.R. 2225 · 114th Congress
Prioritizing Reinvestment in Infrastructure and Military while Eliminating Debt Act of 2015
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
MeadowsSponsorNo cosponsors.
Prioritizing Reinvestment in Infrastructure and Military while Eliminating Debt Act of 2015 or the PRIMED Act
What it does: CRS summary · Introduced in House · May 1, 2015
Prioritizing Reinvestment in Infrastructure and Military while Eliminating Debt Act of 2015 or the PRIMED Act
This bill amends the Internal Revenue Code to allow corporate taxpayers to elect a tax deduction for cash dividends received from a controlled foreign corporation during the period beginning after the bill's enactment date and ending on December 31, 2016. The dividends received are subject to an effective tax rate of 5.25% when repatriated in the United States.
The bill divides tax revenues attributable to such repatriated earnings equally for: (1) federal debt reduction, (2) transfers to the Highway Trust Fund, and (3) adjustments to limitations on defense discretionary spending.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Prioritizing Reinvestment in Infrastructure and Military while Eliminating Debt Act of 2015
Also known as: PRIMED Act
Latest action (May 1, 2015): Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Policy area: Taxation · Origin: House · Introduced: May 1, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.