3.0.0 2976 2023-01-11T13:48:59Z 2023-01-11T13:48:59Z House HR 2021-05-04 117 [Congressional Record Volume 167, Number 77 (Tuesday, May 4, 2021)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. DOGGETT:H.R. 2976.Congress has the power to enact this legislation pursuantto the following:Clause 1 of Section 8 of Article I of the United StatesConstitution.[Page H2142]]]> hswm00 Ways and Means Committee House Standing Referred to 2021-05-04T14:03:15Z Stop Corporate Inversions Act of 2021 117 1501 S 2021-04-29 Read twice and referred to the Committee on Finance. (text: CR S2364-2365) Identical bill CRS No Tax Breaks for Outsourcing Act 117 1785 HR 2021-03-11 Referred to the House Committee on Ways and Means. Related bill CRS No Tax Breaks for Outsourcing Act 117 714 S 2021-03-11 Read twice and referred to the Committee on Finance. Related bill CRS 2021-05-04 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2021-05-04 Introduced in House IntroReferral Intro-H 9 Library of Congress 2021-05-04 Introduced in House IntroReferral 1000 9 Library of Congress D000399 Rep. Doggett, Lloyd [D-TX-35] LLOYD DOGGETT D TX 35 N C001068 Rep. Cohen, Steve [D-TN-9] Steve Cohen D TN 9 2021-05-04 True C000754 Rep. Cooper, Jim [D-TN-5] JAMES COOPER D TN H. 5 2021-05-04 True G000586 Rep. Garcia, Jesus G. "Chuy" [D-IL-4] Jesus Garcia D IL G. 4 2021-05-04 True K000009 Rep. Kaptur, Marcy [D-OH-9] MARCY KAPTUR D OH 9 2021-05-04 True K000389 Rep. Khanna, Ro [D-CA-17] Ro Khanna D CA 17 2021-05-04 True M000312 Rep. McGovern, James P. [D-MA-2] JAMES MCGOVERN D MA P. 2 2021-05-04 True N000147 Del. Norton, Eleanor Holmes [D-DC-At Large] ELEANOR NORTON D DC HOLMES 0 2021-05-04 True S001145 Rep. Schakowsky, Janice D. [D-IL-9] JANICE SCHAKOWSKY D IL D. 9 2021-05-04 True G000551 Rep. Grijalva, Raúl M. [D-AZ-3] Raúl Grijalva D AZ M. 3 2021-05-11 False P000607 Rep. Pocan, Mark [D-WI-2] Mark Pocan D WI 2 2021-06-30 False Taxation Administrative law and regulatory procedures Corporate finance and management Department of the Treasury Foreign and international corporations Income tax rates Taxation of foreign income Taxation 00 2021-05-04 Introduced in House 2021-09-02T15:31:21Z Stop Corporate Inversions Act of 2021

This bill revises rules for the taxation of inverted corporations (i.e., U.S. corporations that acquire foreign companies to reincorporate in a foreign jurisdiction with income tax rates lower than the United States). The bill provides that a foreign corporation that acquires the properties of a U.S. corporation or partnership after May 8, 2014, shall be treated as an inverted corporation and thus subject to U.S. taxation if, after such acquisition (1) it holds more than 50% of the stock of the new entity (expanded affiliated group), or (2) the management or control of the new entity occurs primarily within the United States and the new entity has significant domestic business activities.

]]> Stop Corporate Inversions Act of 2021 Display Title Stop Corporate Inversions Act of 2021 Official Title as Introduced To amend the Internal Revenue Code of 1986 to modify the rules relating to inverted corporations. Introduced in House IH Short Title(s) as Introduced Stop Corporate Inversions Act of 2021 Introduced in House IH Introduced in House 2021-05-04T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117hr2976ih/xml/BILLS-117hr2976ih.xml 2021-05-04 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.