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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Corporate Tax Dodging Prevention Act

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend the Internal Revenue Code of 1986 to modify the treatment of foreign corporations, and for other purposes.

Actions Overview (1)

Date Actions Overview
03/09/2017Introduced in Senate

All Actions (1)

Date All Actions
03/09/2017Read twice and referred to the Committee on Finance.
Action By: Senate

Cosponsors (1)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Schatz, Brian [D-HI]* 03/09/2017

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Related Documents
Senate Finance03/09/2017 Referred to

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Latest Summary (1)

There is one summary for S.586. View summaries

Shown Here:
Introduced in Senate (03/09/2017)

Corporate Tax Dodging Prevention Act

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).