US Congress House Bill 1790 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on April 14 2015 - 25% progression, died in committee
Action: 2015-04-14 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Corporate Tax Dodging Prevention Act 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, 2015; 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).

Corporate Tax Dodging Prevention Act

Rep. Janice Schakowsky [D-IL]

Date	Chamber	Action
2015-04-14	House	Referred to the House Committee on Ways and Means.
2015-04-14	House	Introduced in House

SB922 (Related) 2015-04-14 - Read twice and referred to the Committee on Finance.
HB3935 (Related) 2015-11-05 - Referred to the Subcommittee on Health.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/1790/all-info
Text	https://www.congress.gov/114/bills/hr1790/BILLS-114hr1790ih.pdf