S. 4067 · 116th Congress
American Assistance for American Companies Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
DurbinSponsor2 cosponsors · 2 D
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill disallows certain tax benefits for inverted domestic corporations. An inverted domestic corporation is a U.S. corporation that acquires foreign entities to reincorporate in a foreign jurisdiction with income tax rates lower than U.S. rates).
What it does: CRS summary · Introduced in Senate · Jun 24, 2020
American Assistance for American Companies Act
This bill disallows certain tax benefits for inverted domestic corporations. An inverted domestic corporation is a U.S. corporation that acquires foreign entities to reincorporate in a foreign jurisdiction with income tax rates lower than U.S. rates). Specifically, an inverted domestic corporation may not claim net operating loss carrybacks, increased deductibility of business interest, nor participate in Federal Reserve Lending Facilities.
The bill allows an inverted domestic corporation to elect to be treated as a domestic corporation for U.S. tax purposes.Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: American Assistance for American Companies Act
Latest action (Jun 24, 2020): Read twice and referred to the Committee on Finance. (text: CR S3209-3210)
Policy area: Taxation · Origin: Senate · Introduced: Jun 24, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.