H.R. 5545 · 114th Congress
Preventing Investment in Terrorist Regimes Act
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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
BoustanySponsor11 cosponsors · 11 R
R
Buchanan
DB
R
Black
SJ
R
Johnson
DN
R
Nunes
DR
R
Reichert
PR
R
Roskam
PT
R
Tiberi
TY
R
Young
JR
R
Renacci
AS
R
Smith
KM
R
Marchant8 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Internal Revenue Code to modify the rules that apply to income derived from foreign countries designated as sponsors of international terrorism or with whom the United States does not have diplomatic relations.
What it does: CRS summary · Introduced in House · Jun 21, 2016
Preventing Investment in Terrorist Regimes Act
This bill amends the Internal Revenue Code to modify the rules that apply to income derived from foreign countries designated as sponsors of international terrorism or with whom the United States does not have diplomatic relations.
The bill: (1) disallows a foreign tax credit for taxes paid to any country on income derived from one of the countries subject to the rules, (2) denies a deduction for the disallowed foreign tax credits, (3) doubles the tax rate on income derived from the countries subject to the rules, (4) and expands the definition of income derived from the countries.
The bill also eliminates the authority of the President to waive the denial of foreign tax credits with respect to taxes paid or accrued to a country that the Department of State has designated as a foreign country that repeatedly provides support for international terrorism. (Under current law, a waiver is permitted if the President determines that it is in the national interest of the United States and will expand trade and investment opportunities for U.S. companies in the country.)
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Preventing Investment in Terrorist Regimes Act
Latest action (Jun 21, 2016): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Jun 21, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.