Summary: H.R.4377 — 114th Congress (2015-2016)All Information (Except Text)

There is one summary for H.R.4377. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (01/13/2016)

American Business Competitiveness Act of 2015

This bill amends the Internal Revenue Code to:

  • reduce the tax rate on the net business income of individual and corporate taxpayers to a maximum 25%;
  • allow full expensing of deductible investment expenses in the current taxable year;
  • redefine "net business income" to allow the deduction of the cost of business purchases;
  • convert to a territorial system for taxing overseas income;
  • apply the same tax rate to interest income of individuals that is applicable to dividends and capital gains income; and
  • allow a five-year carryback of net operating losses and an indefinite carryforward of such losses.