3.0.0 5545 2023-01-11T13:32:44Z 2023-01-11T13:32:44Z House HR 2016-06-21 114 [Congressional Record Volume 162, Number 99 (Tuesday, June 21, 2016)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. BOUSTANY:H.R. 5545.Congress has the power to enact this legislation pursuantto the following:Article I, section 8, clause 3. Within the EnumeratedPowers of the U.S. Constitution, Congress is granted thepower to lay and collect taxes. To regulate commerce withforeign nations, and among the several states, and with theIndian tribes.Article I, section 8, clause 18. To make all laws whichshall be necessary and proper for carrying into execution theforegoing powers, and all other powers vested by thisConstitution in the government of the United States, or inany department or officer thereof.[Page H4053]]]> hswm00 Ways and Means Committee House Standing Referred to 2016-06-21T16:01:00Z 2016-06-21 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2016-06-21 Introduced in House IntroReferral Intro-H 9 Library of Congress 2016-06-21 Introduced in House IntroReferral 1000 9 Library of Congress B001255 Rep. Boustany, Charles W., Jr. [R-LA-3] Charles Boustany R LA W. 3 N R000580 Rep. Roskam, Peter J. [R-IL-6] Peter Roskam R IL J. 6 2016-06-21 True T000462 Rep. Tiberi, Patrick J. [R-OH-12] PATRICK TIBERI R OH J. 12 2016-06-21 True B001260 Rep. Buchanan, Vern [R-FL-16] Vern Buchanan R FL 16 2016-06-21 True J000174 Rep. Johnson, Sam [R-TX-3] SAM JOHNSON R TX 3 2016-06-21 True R000578 Rep. Reichert, David G. [R-WA-8] David Reichert R WA G. 8 2016-06-21 True Y000064 Rep. Young, Todd [R-IN-9] Todd Young R IN C. 9 2016-06-21 True N000181 Rep. Nunes, Devin [R-CA-22] Devin Nunes R CA 22 2016-06-21 True B001273 Rep. Black, Diane [R-TN-6] Diane Black R TN 6 2016-06-21 True P000598 Rep. Polis, Jared [D-CO-2] Jared Polis D CO 2 2016-07-07 False 2016-07-12 R000586 Rep. Renacci, James B. [R-OH-16] James Renacci R OH B. 16 2016-07-14 False S001172 Rep. Smith, Adrian [R-NE-3] Adrian Smith R NE 3 2016-07-14 False M001158 Rep. Marchant, Kenny [R-TX-24] Kenny Marchant R TX 24 2016-09-20 False Taxation Bank accounts, deposits, capital Foreign and international banking Foreign and international corporations Income tax credits Income tax deductions Income tax rates Tax administration and collection, taxpayers Taxation of foreign income Terrorism Taxation 00 2016-06-21 Introduced in House 2017-02-07T20:04:58Z Preventing Investment in Terrorist Regimes Act

This bill amends the Internal Revenue Code to modify the rules that apply to income derived from foreign countries designated as sponsors of international terrorism or with whom the United States does not have diplomatic relations.

The bill: (1) disallows a foreign tax credit for taxes paid to any country on income derived from one of the countries subject to the rules, (2) denies a deduction for the disallowed foreign tax credits, (3) doubles the tax rate on income derived from the countries subject to the rules, (4) and expands the definition of income derived from the countries.

The bill also eliminates the authority of the President to waive the denial of foreign tax credits with respect to taxes paid or accrued to a country that the Department of State has designated as a foreign country that repeatedly provides support for international terrorism. (Under current law, a waiver is permitted if the President determines that it is in the national interest of the United States and will expand trade and investment opportunities for U.S. companies in the country.)

]]> Preventing Investment in Terrorist Regimes Act Display Title Preventing Investment in Terrorist Regimes Act Official Title as Introduced To amend the Internal Revenue Code of 1986 to modify the application of certain rules with respect to certain foreign countries. Introduced in House IH Short Titles as Introduced Preventing Investment in Terrorist Regimes Act Introduced in House 2016-06-21T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr5545ih/xml/BILLS-114hr5545ih.xml 2016-06-21 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.