3.0.0 96 2023-01-11T20:04:03Z 2023-01-11T20:04:03Z Senate S S 2007-01-04 110 ssfi00 Finance Committee Senate Standing Referred to 2007-01-04T20:45:40Z 2007-01-04 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S100-104) IntroReferral 2007-01-04 Sponsor introductory remarks on measure. (CR S98-100) IntroReferral B00100 9 Library of Congress 2007-01-04 Introduced in Senate IntroReferral 10000 9 Library of Congress K000148 Sen. Kerry, John F. [D-MA] JOHN KERRY D MA FORBES N Taxation Commerce Corporation taxes Finance and Financial Sector Foreign Trade and International Finance Foreign corporations Income tax Interest Tax deductions Tax penalties Tax rates Tax shelters Taxation of foreign income Taxation

00 2007-01-04 Introduced in Senate 2007-01-19T22:34:19Z Export Products Not Jobs Act - Amends the Internal Revenue Code to: (1) revise rules and definitions relating to the taxation of controlled foreign corporations to limit deferral of tax for certain types of income earned overseas; (2) treat certain foreign corporations managed and controlled in the United States as domestic corporations for income tax purposes; (3) define "economic substance" for purposes of evaluating tax shelter transactions; (4) impose a penalty for underpayments of tax resulting from transactions lacking in economic substance; (5) deny a tax deduction for interest on such underpayments; and (6) eliminate the 35% income tax rate on corporations and personal service corporations.

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Official Title as Introduced Introduced in Senate IS Display Title Short Titles as Introduced Introduced in Senate 2007-01-04T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s96is/xml/BILLS-110s96is.xml 2007-01-04 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S100-104) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.