3.0.0 5962 2023-01-11T13:21:50Z 2023-01-11T13:21:50Z House H HR 2010-07-29 111 hswm00 Ways and Means Committee House Standing Referred to 2010-07-29T14:04:48Z 2010-07-30 Sponsor introductory remarks on measure. (CR H6461-6462, E1531) IntroReferral B00100 9 Library of Congress 2010-07-29 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2010-07-29 Introduced in House IntroReferral Intro-H 9 Library of Congress 2010-07-29 Introduced in House IntroReferral 1000 9 Library of Congress M001171 Rep. Maffei, Daniel B. [D-NY-25] Daniel Maffei D NY B. 25 N Taxation Accounting and auditing Administrative law and regulatory procedures Business investment and capital Capital gains tax Corporate finance and management Department of the Treasury Employee benefits and pensions Foreign and international corporations Income tax deductions Income tax exclusion Income tax rates Interest, dividends, interest rates International law and treaties Securities Small business Tax administration and collection, taxpayers Taxation of foreign income Taxation

00 2010-07-29 Introduced in House 2010-09-15T15:24:32Z American Business Competitiveness Act of 2010 - Amends the Internal Revenue Code to: (1) reduce to 23% the maximum income tax rate for corporations; (2) set forth rules for the allocation of foreign-related tax credits and deductions; (3) repeal rules for the application of the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit; (4) repeal the last-in, first-out (LIFO) and the lower of cost or market methods of inventory; (5) make permanent the increased ($250,000) expensing allowance for depreciable business assets; (6) increase from 15 to 20 years the amortization period for goodwill and other intangibles; (7) set forth rules for the application of the economic substance doctrine to tax transactions; (8) reduce the percentage of the deduction for dividends received; (9) require the recognition of ordinary income on the sale or exercise of a stock option in an S corporation with an employee stock ownership plan (ESOP); and (10) allow nonrecognition of gain in a corporate reorganization for corporations that exchange property solely for stock other than nonqualified preferred stock.

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Display Title Official Title as Introduced Introduced in House IH Short Titles as Introduced Introduced in House 2010-07-29T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr5962ih/xml/BILLS-111hr5962ih.xml 2010-07-30 Sponsor introductory remarks on measure. (CR H6461-6462, E1531) 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.