S. 922 · 114th Congress
Corporate Tax Dodging Prevention 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.
I
SandersSponsor1 cosponsor · 1 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Amends the Internal Revenue Code, with respect to the taxation of the foreign-source income of domestic corporations, to:
What it does: CRS summary · Introduced in Senate · Apr 14, 2015
Corporate Tax Dodging Prevention Act
Amends the Internal Revenue Code, with respect to the taxation of the foreign-source income of domestic corporations, to:
- eliminate the deferral of tax on the foreign-source income of U.S. corporations for taxable years beginning after December 31, 2015;
- deny the foreign tax credit to large integrated oil companies that are dual capacity taxpayers;
- limit the offset of the foreign tax credit to income that is subject to U.S. tax;
- treat foreign corporations managed and controlled in the United States as domestic corporations for U.S. tax purposes;
- limit the tax deduction of the interest expense of a U.S. corporation that is a member of a financial reporting group (i.e., a group that prepares consolidated financial statements according to generally accepted accounting principles or international financial reporting standards); and
- revise rules for the taxation of inverted corporations (i.e., U.S. corporations that acquire foreign companies to reincorporate in a foreign jurisdiction with income tax rates lower than the United States) to provide that a foreign corporation that acquires the properties of a U.S. corporation or partnership after May 8, 2014, shall be treated as an inverted corporation and thus subject to U.S. taxation if, after such acquisition it holds more than 50% of the stock of the new entity (expanded affiliated group).
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Corporate Tax Dodging Prevention Act
Latest action (Apr 14, 2015): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Apr 14, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.