Bill > S1671

Introduced Session

Foreign Earnings Reinvestment Act - Amends the Internal Revenue Code to: (1) extend the election allowed to a domestic corporation to deduct current and accumulated dividends received from a controlled foreign corporation to the corporation's last taxable year beginning before the enactment of this Act or the first taxable year which begins during the one-year period beginning on such enactment date, (2) reduce tax rates on foreign earnings of domestic corporations that reinvest such earnings in the United States and that expand their payrolls over 2010 levels, and (3) increase the taxable income of domestic corporations that fail to maintain employment levels in the 23-month period after receiving a reduction in tax rates under this Act.

Committee Categories

Roy Blunt (R),  John Boozman (R),  Barbara Boxer (D),  Scott Brown (R),  Lindsey Graham (R),  Kay Hagan (D),  Dean Heller (R),  Johnny Isakson (R),  Mike Johanns (R),  Joe Manchin (I),  John McCain (R),  Lisa Murkowski (R), 

Read twice and referred to the Committee on Finance. (on 10/06/2011)

Official Document