3.0.0 4581 2023-01-11T13:32:06Z 2023-01-11T13:32:06Z House HR 2016-02-23 114 [Congressional Record Volume 162, Number 28 (Tuesday, February 23, 2016)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. LEVIN:H.R. 4581.Congress has the power to enact this legislation pursuantto the following:Clause 1 of Section 8 of Article 1 of the United StatesConstitution[Page H854]]]> hswm00 Ways and Means Committee House Standing Referred to 2016-02-23T19:01:05Z Corporate Inverters Earnings Stripping Reform Act of 2016 114 2666 S 2016-03-10 Read twice and referred to the Committee on Finance. Related bill CRS 2016-02-23 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2016-02-23 Introduced in House IntroReferral Intro-H 9 Library of Congress 2016-02-23 Introduced in House IntroReferral 1000 9 Library of Congress L000263 Rep. Levin, Sander M. [D-MI-9] SANDER LEVIN D MI M. 9 N V000128 Rep. Van Hollen, Chris [D-MD-8] Chris Van Hollen D MD 8 2016-02-23 True P000096 Rep. Pascrell, Bill, Jr. [D-NJ-9] WILLIAM PASCRELL D NJ J. 9 2016-02-23 True T000460 Rep. Thompson, Mike [D-CA-5] MIKE THOMPSON D CA 5 2016-02-23 True R000053 Rep. Rangel, Charles B. [D-NY-13] CHARLES RANGEL D NY B. 13 2016-02-23 True Taxation Corporate finance and management Foreign and international corporations Income tax deductions Interest, dividends, interest rates Taxation 00 2016-02-23 Introduced in House 2016-04-04T20:19:54Z Stop Corporate Earnings Stripping Act of 2016

This bill amends the Internal Revenue Code to limit the tax deduction available to certain foreign-controlled U.S. multinational corporations for excess interest on debt incurred by such corporation (i.e., earnings stripping) by: (1) repealing the debt-to-equity ratio threshold required for such deduction, (2) reducing the permitted net interest expense threshold from 50% to 25% of the corporation's adjusted taxable income, (3) repealing the carryforward of excess amounts of interest, and (4) limiting to five years the carryforward of disallowed interest expense.

]]> Stop Corporate Earnings Stripping Act of 2016 Display Title Stop Corporate Earnings Stripping Act of 2016 Official Title as Introduced To amend the Internal Revenue Code of 1986 to prevent earnings stripping of corporations which are related to inverted corporations. Introduced in House IH Short Titles as Introduced Stop Corporate Earnings Stripping Act of 2016 Introduced in House 2016-02-23T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr4581ih/xml/BILLS-114hr4581ih.xml 2016-02-23 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.