Corporate Tax Dodging Prevention Act
Latest action · Mar 9, 2017 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.
- IntroducedMar 9, 2017
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Corporate Tax Dodging Prevention Act
This bill 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, 2017;
- include previously deferred foreign-source income of corporations as taxable income;
- 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).
Cosponsors 1
Members who signed on, in the order they did. All signed on Mar 9, 2017.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-HI | Brian Schatz | Original | Mar 9, 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 Mar 9, 2017 |
Actions 2
Everything that happened, newest first.
- Mar 9, 2017Introduced in Senate
- Mar 9, 2017Read twice and referred to the Committee on Finance.
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 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1451 | Corporate Tax Dodging Prevention Act | Identical bill | Mar 9, 2017 |
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 treatment of foreign corporations, and for other purposes.
- Short Titles as Introduced
- Corporate Tax Dodging Prevention Act
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Mar 9, 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.
