Bill
Bill > HR4985
US HR4985
US HR4985To amend the Internal Revenue Code of 1986 to modify the rules relating to inverted corporations and to transfer the resulting revenues to the Highway Trust Fund.
summary
Introduced
06/26/2014
06/26/2014
In Committee
06/26/2014
06/26/2014
Crossed Over
Passed
Dead
01/03/2015
01/03/2015
Introduced Session
113th Congress
Bill Summary
To amend the Internal Revenue Code of 1986 to modify the rules relating to inverted corporations and to transfer the resulting revenues to the Highway Trust Fund.
AI Summary
This bill, titled the "Stop Corporate Expatriation and Invest in Americas Infrastructure Act of 2014," aims to modify the rules surrounding "inverted corporations" and direct the resulting tax revenue to the Highway Trust Fund. An inverted corporation is a foreign company that effectively becomes a U.S. company for tax purposes because it acquires a U.S. company or partnership and then has its management and control primarily located in the U.S., with significant business activities there. The bill clarifies the criteria for determining when a foreign corporation should be treated as a domestic corporation, focusing on the percentage of stock held by former shareholders of the acquired U.S. entity and the location of management and control, as well as the extent of domestic business activities. It also includes an exception for companies with substantial business activities in their country of origin. The bill then appropriates specific amounts, $15,566,000,000 to the Highway Account and $3,891,000,000 to the Mass Transit Account, within the Highway Trust Fund, which is a dedicated fund for federal transportation spending. These changes are effective for taxable years ending after May 8, 2014, with the transfers to the Highway Trust Fund taking effect upon enactment.
Committee Categories
Budget and Finance
Sponsors (62)
Chris Van Hollen (D)*,
Xavier Becerra (D),
Timothy Bishop (D),
Earl Blumenauer (D),
Suzanne Bonamici (D),
Julia Brownley (D),
Tony Cárdenas (D),
Matt Cartwright (D),
Donna Christensen (D),
Katherine Clark (D),
Steve Cohen (D),
Gerry Connolly (D),
Joe Courtney (D),
Danny Davis (D),
Peter DeFazio (D),
Rosa DeLauro (D),
Lloyd Doggett (D),
Tammy Duckworth (D),
Donna Edwards (D),
William Enyart (D),
Elizabeth Esty (D),
John Garamendi (D),
Colleen Hanabusa (D),
Alcee Hastings (D),
Denny Heck (D),
Steven Horsford (D),
Jared Huffman (D),
Joseph Kennedy (D),
James Langevin (D),
Sander Levin (D),
John Lewis (D),
Alan Lowenthal (D),
Michelle Lujan Grisham (D),
Carolyn Maloney (D),
Doris Matsui (D),
Betty McCollum (D),
Jim McDermott (D),
Jim McGovern (D),
Michael Michaud (D),
George Miller (D),
Grace Napolitano (D),
Gloria Negrete McLeod (D),
Richard Nolan (D),
Eleanor Holmes Norton (D),
Gary Peters (D),
Mark Pocan (D),
Charles Rangel (D),
Lucille Roybal-Allard (D),
Bobby Rush (D),
Jan Schakowsky (D),
Allyson Schwartz (D),
José Serrano (D),
Carol Shea-Porter (D),
Albio Sires (D),
Louise Slaughter (D),
Eric Swalwell (D),
Paul Tonko (D),
Niki Tsongas (D),
Juan Vargas (D),
Nydia Velázquez (D),
Timothy Walz (D),
Peter Welch (D),
Last Action
Referred to the House Committee on Ways and Means. (on 06/26/2014)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/113th-congress/house-bill/4985/all-info |
| BillText | http://gpo.gov/fdsys/pkg/BILLS-113hr4985ih/pdf/BILLS-113hr4985ih.pdf |
| Bill | http://gpo.gov/fdsys/pkg/BILLS-113hr4985ih/pdf/BILLS-113hr4985ih.pdf.pdf |
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