H.R.5261 - Protecting the U.S. Corporate Tax Base Act of 2016114th Congress (2015-2016)
|Sponsor:||Rep. Levin, Sander M. [D-MI-9] (Introduced 05/17/2016)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 05/17/2016 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5261 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (05/17/2016)
Protecting the U.S. Corporate Tax Base Act of 2016
This bill amends the Internal Revenue Code to revise the rules for taxing the earnings and determining the stock ownership of certain controlled foreign corporations (CFCs).
The bill provides that, in the case of certain CFCs, subpart F income (income of a CFC earned outside the United States that is not tax deferred) includes a U.S. shareholder's pro rata share of any increase in the CFC's investment of earnings in certain foreign property.
The bill also revises the rules for determining stock ownership to prohibit a CFC from transferring stock to a foreign affiliate to reduce the portion of stock owned by U.S. shareholders below the level required to be considered a CFC.