3.0.0 4377 2023-01-11T13:32:17Z 2023-01-11T13:32:17Z House HR 2016-01-13 114 [Congressional Record Volume 162, Number 8 (Wednesday, January 13, 2016)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. NUNES:H.R. 4377.Congress has the power to enact this legislation pursuantto the following:Clause 1 of section 8 of article I of the Constitution ofthe United States.[Page H364]]]> hswm00 Ways and Means Committee House Standing Referred to 2016-01-13T14:00:51Z 2016-01-13 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2016-01-13 Introduced in House IntroReferral Intro-H 9 Library of Congress 2016-01-13 Introduced in House IntroReferral 1000 9 Library of Congress N000181 Rep. Nunes, Devin [R-CA-22] Devin Nunes R CA 22 N T000462 Rep. Tiberi, Patrick J. [R-OH-12] PATRICK TIBERI R OH J. 12 2016-01-13 True B001255 Rep. Boustany, Charles W., Jr. [R-LA-3] Charles Boustany R LA W. 3 2016-01-13 True M001158 Rep. Marchant, Kenny [R-TX-24] Kenny Marchant R TX 24 2016-01-13 True H001065 Rep. Holding, George [R-NC-13] George Holding R NC 13 2016-01-13 True P000606 Rep. Pittenger, Robert [R-NC-9] Robert Pittenger R NC 9 2016-01-13 True P000609 Rep. Palmer, Gary J. [R-AL-6] Gary Palmer R AL J. 6 2016-01-13 True R000604 Rep. Russell, Steve [R-OK-5] Steve Russell R OK 5 2016-01-13 True S001148 Rep. Simpson, Michael K. [R-ID-2] MICHAEL SIMPSON R ID K. 2 2016-01-13 True F000448 Rep. Franks, Trent [R-AZ-8] Trent Franks R AZ 8 2016-01-13 True S001192 Rep. Stewart, Chris [R-UT-2] Chris Stewart R UT 2 2016-01-13 True C000059 Rep. Calvert, Ken [R-CA-42] KEN CALVERT R CA 42 2016-01-13 True K000387 Rep. Knight, Stephen [R-CA-25] Stephen Knight R CA 25 2016-01-13 True W000820 Rep. Walters, Mimi [R-CA-45] Mimi Walters R CA 45 2016-01-13 True V000129 Rep. Valadao, David G. [R-CA-21] David Valadao R CA G. 21 2016-01-13 True I000056 Rep. Issa, Darrell E. [R-CA-49] DARRELL ISSA R CA E. 49 2016-01-13 True A000369 Rep. Amodei, Mark E. [R-NV-2] Mark Amodei R NV E. 2 2016-01-13 True Y000065 Rep. Yoho, Ted S. [R-FL-3] Ted Yoho R FL S. 3 2016-01-13 True H001070 Rep. Hardy, Cresent [R-NV-4] Cresent Hardy R NV 4 2016-01-13 True C001053 Rep. Cole, Tom [R-OK-4] Tom Cole R OK 4 2016-01-13 True P000602 Rep. Pompeo, Mike [R-KS-4] Mike Pompeo R KS 4 2016-01-13 True R000582 Rep. Roe, David P. [R-TN-1] David Roe R TN P. 1 2016-01-13 True F000459 Rep. Fleischmann, Charles J. "Chuck" [R-TN-3] Charles Fleischmann R TN J. "Chuck" 3 2016-01-13 True E000294 Rep. Emmer, Tom [R-MN-6] Tom Emmer R MN 6 2016-01-13 True L000576 Rep. Long, Billy [R-MO-7] Billy Long R MO 7 2016-01-13 True B001290 Rep. Brat, Dave [R-VA-7] Dave Brat R VA 7 2016-01-13 True R000603 Rep. Rouzer, David [R-NC-7] David Rouzer R NC 7 2016-01-13 True R000587 Rep. Ribble, Reid J. [R-WI-8] Reid Ribble R WI J. 8 2016-01-28 False S000244 Rep. Sensenbrenner, F. James, Jr. [R-WI-5] F. SENSENBRENNER R WI JAMES 5 2016-02-11 False M001182 Rep. Mulvaney, Mick [R-SC-5] Mick Mulvaney R SC 5 2016-02-23 False Taxation Accounting and auditing Aging Air quality Alternative and renewable resources Building construction Business expenses Business investment and capital Corporate finance and management Disability and paralysis Disaster relief and insurance Endangered and threatened species Energy efficiency and conservation Environmental regulatory procedures Foreign and international corporations Hybrid, electric, and advanced technology vehicles Income tax credits Income tax deductions Income tax rates Interest, dividends, interest rates Mining Motor fuels Oil and gas Research and development Securities Tax administration and collection, taxpayers Taxation of foreign income Television and film Transportation costs Water quality Worker safety and health Taxation 00 2016-01-13 Introduced in House 2016-02-26T21:45:28Z American Business Competitiveness Act of 2015

This bill amends the Internal Revenue Code to:

  • reduce the tax rate on the net business income of individual and corporate taxpayers to a maximum 25%;
  • allow full expensing of deductible investment expenses in the current taxable year;
  • redefine "net business income" to allow the deduction of the cost of business purchases;
  • convert to a territorial system for taxing overseas income;
  • apply the same tax rate to interest income of individuals that is applicable to dividends and capital gains income; and
  • allow a five-year carryback of net operating losses and an indefinite carryforward of such losses.
]]> American Business Competitiveness Act of 2015 Display Title American Business Competitiveness Act of 2015 Official Title as Introduced To amend the Internal Revenue Code of 1986 to tax business income on a cash flow basis, and for other purposes. Introduced in House IH Short Titles as Introduced American Business Competitiveness Act of 2015 Introduced in House 2016-01-13T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr4377ih/xml/BILLS-114hr4377ih.xml 2016-01-13 Referred to the House Committee on Ways and Means. 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.