S 384 · 108th Congress 2003–2005, ended

Corporate Patriot Enforcement Act of 2003

Introduced Feb 12, 2003 Originated Senate Sponsor Harry Reid D-NV

Fact sheet

Latest action · Feb 12, 2003 Read twice and referred to the Committee on Finance.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

IntroducedFeb 12, 2003
Passed SenateNot reached
Passed HouseNot reached
To the PresidentNot reached
Became lawNot reached

Summary

Corporate Patriot Enforcement Act of 2003 - Amends the Internal Revenue Code by determining that acquiring corporations in"corporate expatriation transactions" shall be considered domestic corporations. Defines a "corporate expatriation transaction" as, with certain exceptions, one in which a "nominally foreign corporation" acquires substantially all of the properties held by a domestic corporation and in which, immediately after the transaction, more than 80 percent of the stock of the acquiring corporation is held by former shareholders of the domestic corporation. Lowers the 80 percent threshold to 50 percent when the acquiring "nominally foreign corporation" lacks substantial business activities in the foreign country in which it was created and organized compared to the total activities of the "expanded affiliated group" and the stock is publicly traded, with the principal market of trading being the United States. Defines the terms "nominally foreign corporation" and "expanded affiliated group."

Applies similar rules to partnership transactions.

Establishes that a series of related transactions relevant to the Act shall be handled as a single transaction.

Cosponsors 11

Members who signed on, in the order they did. Signatures ran from Feb 12, 2003 to Jan 20, 2004, with 3 there on the day it was introduced.

Seat	Cosponsor		Signed on
D-MI	Carl Levin	Original	Feb 12, 2003
D-MA	Edward M. Kennedy	Original	Feb 12, 2003
D-IL	Richard J. Durbin	Original	Feb 12, 2003
D-CA	Dianne Feinstein		Mar 25, 2003
D-WI	Russell D. Feingold		Mar 25, 2003
D-NY	Hillary Rodham Clinton		Apr 11, 2003
D-MD	Barbara A. Mikulski		Apr 28, 2003
D-MA	John F. Kerry		Apr 28, 2003
D-SD	Tim Johnson		May 6, 2003
D-OR	Ron Wyden		Jun 5, 2003
D-CT	Christopher J. Dodd		Jan 20, 2004

Actions 2

Everything that happened, newest first.

Feb 12, 2003Introduced in Senate
Feb 12, 2003Read twice and referred to the Committee on Finance.

Related bills 1

Companion bills and other measures the record links to this one.

Bill	Title	Relationship	Latest action
HR 737	Corporate Patriot Enforcement Act of 2003	Identical bill	Feb 12, 2003

Subjects

Assigned by the Library of Congress. Policy area: Taxation.

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.