US SB2589 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on September 26 2019 - 25% progression, died in committee
Action: 2019-09-26 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on September 26 2019 - 25% progression, died in committee
Action: 2019-09-26 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Amends the Internal Revenue Code to limit the scope of downward attribution rules to 50% of stock ownership in applying constructive ownership rules to controlled foreign corporations.
Title
A bill to amend the Internal Revenue Code of 1986 to restore the limitation on downward attribution of stock ownership in applying the constructive ownership rules to controlled foreign corporations, and for other purposes.
Sponsors
| Sen. Johnny Isakson [R-GA] |
History
| Date | Chamber | Action |
|---|---|---|
| 2019-09-26 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB4509 (Same As) 2019-09-26 - Referred to the House Committee on Ways and Means.
SB3548 (Related) 2020-06-03 - Committee on Small Business and Entrepreneurship. Hearings held.
SB3548 (Related) 2020-06-03 - Committee on Small Business and Entrepreneurship. Hearings held.
Subjects
Financial services and investments
Foreign and international corporations
Securities
Taxation
Taxation of foreign income
U.S. and foreign investments
Foreign and international corporations
Securities
Taxation
Taxation of foreign income
U.S. and foreign investments
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/116th-congress/senate-bill/2589/all-info |
| Text | https://www.congress.gov/116/bills/s2589/BILLS-116s2589is.pdf |
