American Assistance for American Companies Act
Latest action · Jun 24, 2020 Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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.
- IntroducedJun 24, 2020
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.Cosponsors 1
Members who signed on, in the order they did. All signed on Sep 17, 2020.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-OR | Earl Blumenauer | Sep 17, 2020 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Jun 24, 2020 |
| House | Financial Services Committee | Referred Jun 24, 2020 |
Actions 2
Everything that happened, newest first.
- Jun 24, 2020Introduced in House
- Jun 24, 2020Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 166, no. 116, June 24, 2020, page H2419.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 4067 | American Assistance for American Companies Act | Identical bill | Jun 24, 2020 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To prohibit certain assistance for inverted domestic corporations.
- Short Title(s) as Introduced
- American Assistance for American Companies Act
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Administrative law and regulatory procedures
- Corporate finance and management
- Department of the Treasury
- Federal Reserve System
- Foreign and international corporations
- Government lending and loan guarantees
- Income tax deductions
- Income tax rates
- Interest, dividends, interest rates
- Taxation
- Taxation of foreign income
Text 1
Each version as it was printed, newest first.
- Jun 24, 2020Introduced in House
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.
