3.0.0 4067 2023-01-11T13:46:09Z 2023-01-11T13:46:09Z Senate S 2020-06-24 116 ssfi00 Finance Committee Senate Standing Referred to 2020-06-24T22:37:33Z American Assistance for American Companies Act 116 7309 HR 2020-06-24 Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Identical bill CRS 2020-06-24 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text: CR S3209-3210) IntroReferral 2020-06-24 Introduced in Senate IntroReferral 10000 9 Library of Congress D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. N D000622 Sen. Duckworth, Tammy [D-IL] Tammy Duckworth D IL 2020-06-24 True V000128 Sen. Van Hollen, Chris [D-MD] Chris Van Hollen D MD 2020-06-24 True Taxation Administrative law and regulatory procedures Corporate finance and management Department of the Treasury Federal Reserve System Foreign and international corporations Government lending and loan guarantees Income tax deductions Income tax rates Interest, dividends, interest rates Taxation of foreign income Taxation 00 2020-06-24 Introduced in Senate 2020-08-04T13:13:38Z American Assistance for American Companies Act

This bill disallows certain tax benefits for inverted domestic corporations. An inverted domestic corporation is a U.S. corporation that acquires foreign entities to reincorporate in a foreign jurisdiction with income tax rates lower than U.S. rates). Specifically, an inverted domestic corporation may not claim net operating loss carrybacks, increased deductibility of business interest, nor participate in Federal Reserve Lending Facilities.

The bill allows an inverted domestic corporation to elect to be treated as a domestic corporation for U.S. tax purposes.]]> American Assistance for American Companies Act Display Title American Assistance for American Companies Act Short Title(s) as Introduced American Assistance for American Companies Act Introduced in Senate IS Official Title as Introduced A bill to prohibit certain assistance for inverted domestic corporations. Introduced in Senate IS Introduced in Senate 2020-06-24T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s4067is/xml/BILLS-116s4067is.xml 2020-06-24 Read twice and referred to the Committee on Finance. (text: CR S3209-3210) 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.