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Bill > HR2985


US HR2985

US HR2985
To amend the Internal Revenue Code of 1986 to clarify that payment of taxes on deferred foreign income in installments shall not prevent credit or refund of overpayments or increase estimated taxes.


summary

Introduced
05/23/2019
In Committee
05/23/2019
Crossed Over
Passed
Dead
12/31/2020

Introduced Session

116th Congress

Bill Summary

To amend the Internal Revenue Code of 1986 to clarify that payment of taxes on deferred foreign income in installments shall not prevent credit or refund of overpayments or increase estimated taxes. This bill amends the Internal Revenue Code to provide that installment payment of taxes on deferred foreign income shall not prevent a credit or refund of overpayments of tax or an increase in estimated taxes.

AI Summary

This bill amends the Internal Revenue Code to provide that installment payment of taxes on deferred foreign income shall not prevent a credit or refund of overpayments of tax or an increase in estimated taxes. Specifically, the bill states that any installment of the net tax liability under Section 965 of the Internal Revenue Code shall not be taken into account as a liability for purposes of determining whether an overpayment exists, nor shall it be treated as a tax imposed under certain sections for the purposes of estimated taxes. The bill also limits the payment of interest on any overpayment resulting from this provision, depending on when the credit or refund is made.

Committee Categories

Budget and Finance

Sponsors (65)

Ron Estes (R)* Pete Aguilar (D),  Jodey Arrington (R),  Jim Banks (R),  Ami Bera (D),  Andy Biggs (R),  Rob Bishop (R),  Lisa Blunt Rochester (D),  Suzanne Bonamici (D),  Vern Buchanan (R),  Ken Buck (R),  Larry Bucshon (R),  G. Butterfield (D),  Salud Carbajal (D),  Sharice Davids (D),  Danny Davis (D),  Suzan DelBene (D),  Mario Diaz-Balart (R),  Anna Eshoo (D),  Drew Ferguson (R),  Lizzie Fletcher (D),  Anthony Gonzalez (R),  Vicente Gonzalez (D),  Josh Gottheimer (D),  Kevin Hern (R),  George Holding (R),  Steven Horsford (D),  Dave Joyce (R),  Mike Kelly (R),  Dan Kildee (D),  Ron Kind (D),  Adam Kinzinger (R),  Ann Kuster (D),  Darin LaHood (R),  Doug Lamborn (R),  Kenny Marchant (R),  Roger Marshall (R),  Carol Miller (R),  Paul Mitchell (I),  Gwen Moore (D),  Stephanie Murphy (D),  Devin Nunes (R),  Jimmy Panetta (D),  Greg Pence (R),  John Ratcliffe (R),  Tom Reed (R),  Tom Rice (R),  Harley Rouda (D),  Linda Sánchez (D),  Brad Schneider (D),  David Schweikert (R),  Terri Sewell (D),  Mikie Sherrill (D),  Elissa Slotkin (D),  Adrian Smith (R),  Jason Smith (R),  Greg Stanton (D),  Greg Steube (R),  Haley Stevens (D),  Tom Suozzi (D),  G.T. Thompson (R),  Marc Veasey (D),  Jackie Walorski (R),  Brad Wenstrup (R),  Roger Williams (R), 

Last Action

Referred to the House Committee on Ways and Means. (on 05/23/2019)

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