Stop Corporate Inversions Act of 2017
Latest action · Jul 26, 2017 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4301-4302)
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.
- IntroducedJul 26, 2017
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Stop Corporate Inversions Act of 2017
This bill amends the Internal Revenue Code to 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). The bill provides 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: (1) it holds more than 50% of the stock of the new entity (expanded affiliated group), or (2) the management or control of the new entity occurs primarily within the United States and the new entity has significant domestic business activities.
Cosponsors 12
Members who signed on, in the order they did. Signatures ran from Jul 26, 2017 to Sep 5, 2017; 10 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MN | Al Franken | Original | Jul 26, 2017 |
| D-MD | Chris Van Hollen | Original | Jul 26, 2017 |
| D-CA | Dianne Feinstein | Original | Jul 26, 2017 |
| D-MA | Elizabeth Warren | Original | Jul 26, 2017 |
| D-RI | Jack Reed | Original | Jul 26, 2017 |
| D-OR | Jeff Merkley | Original | Jul 26, 2017 |
| D-HI | Mazie K. Hirono | Original | Jul 26, 2017 |
| D-RI | Sheldon Whitehouse | Original | Jul 26, 2017 |
| D-OH | Sherrod Brown | Original | Jul 26, 2017 |
| D-IL | Tammy Duckworth | Original | Jul 26, 2017 |
| D-WI | Tammy Baldwin | Aug 2, 2017 | |
| D-VT | Patrick J. Leahy | Sep 5, 2017 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Jul 26, 2017 |
Actions 2
Everything that happened, newest first.
- Jul 26, 2017Introduced in Senate
- Jul 26, 2017Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4301-4302)
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Text printed S4301 | Richard J. Durbin D-IL (text) | Jul 26, 2017 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R43568 | Corporate Expatriation, Inversions, and Mergers: Tax IssuesCorporate Expatriation, Inversions, and Mergers: Tax Issues Archived | Report | Jun 17, 2021 |
Related bills 7
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 198 | Stop Corporate Inversions Act of 2015 | Reintroduction of | Jan 20, 2015 |
| S 987 | 100 by '50 Act | Related bill | Jul 11, 2017 |
| S 2140 | Stop Corporate Inversions Act of 2019 | Reintroduced Bill | Jul 17, 2019 |
| S 2459 | No Tax Breaks for Outsourcing Act | Related bill | Feb 27, 2018 |
| HR 3314 | 100 by '50 Act | Related bill | May 22, 2018 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to modify the rules relating to inverted corporations.
- Short Titles as Introduced
- Stop Corporate Inversions Act of 2017
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jul 26, 2017Introduced in Senate
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
