Corporate Tax Dodging Prevention Act

Corporate Tax Dodging Prevention Act

This Bill has:
4% Democratic Support in the Senate
0.5% Democratic Support in the House

  





   



















    This bill was introduced in the house by Jan Schakowsky with zero cosponsors and was introduced in the senate by Bernie Sanders with one cosponsor.
    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).
House Bill: H.R. 1451
Democratic Support: 1
Introduced by: Rep. Schakowsky, Janice D. [D-IL-9] (Introduced 03/09/2017)
Latest Action: 03/09/2017 Referred to the House Committee on Ways and Means.

Cosponsors: 
Senate Bill: S. 586
Democratic Support: 2
Introduced by: Sen. Sanders, Bernard [I-VT] (Introduced 03/09/2017)
Latest Action: 03/09/2017 Read twice and referred to the Committee on Finance.

Cosponsors:

Bernie Sanders introduces Corporate Tax Dodging Prevention Act