3.0.0 2786 2023-01-11T13:25:28Z 2023-01-11T13:25:28Z Senate S S 2014-09-10 113 ssfi00 Finance Committee Senate Standing Referred to 2014-09-10T16:29:38Z 2014-09-10 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2014-09-10 Introduced in Senate IntroReferral 10000 9 Library of Congress S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. N D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2014-09-10 True B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2014-09-10 True C001088 Sen. Coons, Christopher A. [D-DE] Christopher Coons D DE A. 2014-09-10 True R000361 Sen. Rockefeller, John D., IV [D-WV] JAY ROCKEFELLER D WV 2014-09-10 True S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI 2014-09-10 True C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD 2014-09-10 True R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. 2014-09-10 True M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ 2014-09-10 True M000133 Sen. Markey, Edward J. [D-MA] Edward Markey D MA J. 2014-09-10 True M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2014-09-10 True B001230 Sen. Baldwin, Tammy [D-WI] Tammy Baldwin D WI 2014-09-10 True L000261 Sen. Levin, Carl [D-MI] CARL LEVIN D MI MILTON 2014-09-10 True W000817 Sen. Warren, Elizabeth [D-MA] Elizabeth Warren D MA A. 2014-09-10 True N000032 Sen. Nelson, Bill [D-FL] CLARENCE NELSON D FL WILLIAM 2014-09-15 False Taxation Corporate finance and management Foreign and international corporations Income tax deductions Interest, dividends, interest rates Tax administration and collection, taxpayers Taxation 00 2014-09-10 Introduced in Senate 2014-10-31T17:53:37Z Corporate Inverters Earnings Stripping Reform Act of 2014 - Amends the Internal Revenue Code to impose limitations on the tax deduction for interest paid by corporations which are designated as applicable entities (i.e., members of an expanded affiliated group which includes a surrogate foreign corporation which is not treated as a domestic corporation). Prohibits such an entity from claiming a tax deduction for interest that exceeds 25% of its adjusted taxable income and from carrying forward interest which is paid or accrued during the first year in which such entity becomes an applicable entity.

Requires an applicable entity to file an annual application for an approval agreement (i.e., a prefiling, advance pricing, or other agreement involving a related-party transaction) with the Internal Revenue Service (IRS) during the 10-year period after it becomes an applicable entity.

]]> Corporate Inverters Earnings Stripping Reform Act of 2014 Display Title Corporate Inverters Earnings Stripping Reform Act of 2014 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to prevent earnings stripping of domestic corporations which are members of a worldwide group of corporations which includes an inverted corporation and to require agreements with respect to certain related party transactions with those members. Introduced in Senate IS Short Titles as Introduced Corporate Inverters Earnings Stripping Reform Act of 2014 Introduced in Senate 2014-09-10T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113s2786is/xml/BILLS-113s2786is.xml 2014-09-10 Read twice and referred to the Committee on Finance. 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.