summary
Introduced
07/26/2017
07/26/2017
In Committee
07/26/2017
07/26/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Stop Corporate Inversions Act of 2017 This bill amends the Internal Revenue Code to 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). The bill provides 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: (1) it holds more than 50% of the stock of the new entity (expanded affiliated group), or (2) the management or control of the new entity occurs primarily within the United States and the new entity has significant domestic business activities.
AI Summary
This bill amends the Internal Revenue Code to revise the rules for taxing inverted corporations - U.S. corporations that acquire foreign companies in order to reincorporate in a foreign jurisdiction with lower tax rates. The bill provides that a foreign corporation that acquires the properties of a U.S. corporation or partnership after May 8, 2014 will be treated as an inverted corporation and subject to U.S. taxation if: (1) it holds more than 50% of the stock of the new entity, or (2) the management and control of the new entity occurs primarily within the U.S. and the new entity has significant domestic business activities. The bill also includes definitions and criteria for determining "management and control" and "significant domestic business activities" for the purposes of this legislation.
Committee Categories
Budget and Finance
Sponsors (6)
Sander Levin (D)*,
Rosa DeLauro (D),
Jamie Raskin (D),
Jan Schakowsky (D),
Adam Schiff (D),
Louise Slaughter (D),
Last Action
Referred to the House Committee on Ways and Means. (on 07/26/2017)
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/115th-congress/house-bill/3434/all-info |
| BillText | https://www.congress.gov/115/bills/hr3434/BILLS-115hr3434ih.pdf |
| Bill | https://www.congress.gov/115/bills/hr3434/BILLS-115hr3434ih.pdf.pdf |
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