To amend the Internal Revenue Code of 1986 to deny qualified dividend income treatment to certain foreign dividends.
Latest action · Mar 23, 2007 Referred to the House Committee on Ways and Means.
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.
- IntroducedMar 23, 2007
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Amends the Internal Revenue Code to deny preferential tax rates (5 to 15%) for dividends paid by a foreign corporation if: (1) such dividends are allowed as a tax deduction or credit under the tax laws of the country in which such foreign corporation is established; (2) such foreign corporation is not treated as a corporation, is exempt from taxation, or is a passive foreign investment company under the laws of its foreign country; or (3) such dividends are paid with respect to an instrument which is not treated as stock under the tax laws of the foreign country from which such dividends are paid.
Revises the definition of "qualified foreign corporation" for purposes of qualifying dividends paid by such a corporation for preferential tax rates to require such corporations be created or organized in a foreign country that has a comprehensive tax system (as determined by the Secretary of the Treasury).
Cosponsors
Members who signed on, in the order they did.
Actions 3
Everything that happened, newest first.
- Mar 23, 2007Introduced in House
- Mar 23, 2007Referred to the House Committee on Ways and Means.
- Mar 23, 2007Sponsor introductory remarks on measure. (CR E629-630)
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1006 | A bill to amend the Internal Revenue Code of 1986 to deny qualified dividend income treatment to certain foreign dividends. | Identical bill | Mar 28, 2007 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
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.