3.0.0 991 2023-01-11T13:47:33Z 2023-01-11T13:47:33Z Senate S 2021-03-25 117 ssfi00 Finance Committee Senate Standing Referred to 2021-03-25T18:18:10Z Corporate Tax Dodging Prevention Act 117 2254 HR 2021-03-26 Referred to the House Committee on Ways and Means. Identical bill CRS 2021-03-25 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2021-03-25 Introduced in Senate IntroReferral 10000 9 Library of Congress S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT N Taxation Corporate finance and management Foreign and international corporations Income tax credits Income tax deductions Income tax rates Interest, dividends, interest rates International law and treaties Tax administration and collection, taxpayers Taxation of foreign income Taxation 00 2021-03-25 Introduced in Senate 2021-09-15T16:10:17Z Corporate Tax Dodging Prevention Act

This bill modifies tax provisions relating to certain large domestic and foreign corporations to prevent offshoring of jobs and factories and tax evasion.

Specifically, the bill

  • restores higher tax rates on the taxable income of corporations and personal service corporations (up to 35% on taxable income exceeding $10 million);
  • revises the definition of subpart F income for controlled foreign corporations to equalize tax rates on domestic and foreign corporations;
  • requires multinational companies to disclose basic country-by-country information including revenues, profits, and number of employees;
  • prohibits corporations from disregarding parts of their structure in determining whether they owe taxes in the current year or can defer payment (repeal of check-the-box rules);
  • impose limitations on the tax deduction for the interest expense of members of financial reporting groups with excess domestic indebtedness;
  • modifies rules relating to inverted corporations;
  • treats corporations with gross assets of $50 million or more and managed and controlled in the United States as U.S. taxpayers;
  • increases the rate and expands the applicability of the base erosion and anti-abuse excise tax;
  • modifies foreign tax credit rules applicable to certain industries receiving specific economic benefits; and
  • repeals the tax deduction for foreign-derived intangible income.
]]> Corporate Tax Dodging Prevention Act Display Title Corporate Tax Dodging Prevention Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to modify the treatment of foreign corporations, and for other purposes. Introduced in Senate IS Short Title(s) as Introduced Corporate Tax Dodging Prevention Act Introduced in Senate IS Introduced in Senate 2021-03-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s991is/xml/BILLS-117s991is.xml 2021-03-25 Read twice and referred to the Committee on Finance. 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.