US Congress House Bill 3603 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on July 28 2017 - 25% progression, died in committee
Action: 2017-07-28 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Stop Corporate Earnings Stripping Act of 2017 This bill amends the Internal Revenue Code to limit the tax deduction available to certain foreign-controlled U.S. multinational corporations for excess interest on debt incurred by such corporations (i.e., earnings stripping) by: (1) repealing the debt-to-equity ratio threshold required for such deduction, (2) reducing the permitted net interest expense threshold from 50% to 25% of the corporation's adjusted taxable income, (3) repealing the excess limitation carryforward, and (4) limiting to five years the carryforward of disallowed interest expenses with respect to amounts paid or incurred before, on, or after the date of enactment of this bill.

Stop Corporate Earnings Stripping Act of 2017

Rep. Sander Levin [D-MI]

Rep. Mike Thompson [D-CA]

Date	Chamber	Action
2017-07-28	House	Referred to the House Committee on Ways and Means.
2017-07-28	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/house-bill/3603/all-info
Text	https://www.congress.gov/115/bills/hr3603/BILLS-115hr3603ih.pdf