H.R. 4377 · 114th Congress
American Business Competitiveness 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.
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NunesSponsor29 cosponsors · 29 R
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Amodei
CB
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Boustany
DB
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Brat
KC
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Calvert
TC
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Cole
TE
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Emmer
TF
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Franks
CF
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Fleischmann
GH
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Holding
CH
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Hardy
DI
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Issa
SK
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Knight
BL
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Long
KM
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Marchant
MP
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Pompeo
RP
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Pittenger
GP
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Palmer
PR
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Roe
DR
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Rouzer
SR
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Russell
MS
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Simpson
CS
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Stewart
PT
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Tiberi
DV
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Valadao
MW
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Walters
TY
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Yoho
RR
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Ribble
FS
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Sensenbrenner
MM
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Mulvaney26 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
What it does: CRS summary · Introduced in House · Jan 13, 2016
American Business Competitiveness Act of 2015
This bill amends the Internal Revenue Code to:
- reduce the tax rate on the net business income of individual and corporate taxpayers to a maximum 25%;
- allow full expensing of deductible investment expenses in the current taxable year;
- redefine "net business income" to allow the deduction of the cost of business purchases;
- convert to a territorial system for taxing overseas income;
- apply the same tax rate to interest income of individuals that is applicable to dividends and capital gains income; and
- allow a five-year carryback of net operating losses and an indefinite carryforward of such losses.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: American Business Competitiveness Act of 2015
Latest action (Jan 13, 2016): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Jan 13, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.