[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3935 Introduced in House (IH)]

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114th CONGRESS
  1st Session
                                H. R. 3935

To amend the Internal Revenue Code of 1986 to terminate the deferral of 
           active income of controlled foreign corporations.


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                    IN THE HOUSE OF REPRESENTATIVES

                            November 5, 2015

    Mr. Pocan (for himself, Ms. Norton, Mr. Garamendi, Ms. Lee, Mr. 
   Ellison, and Mr. Nadler) introduced the following bill; which was 
              referred to the Committee on Ways and Means

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to terminate the deferral of 
           active income of controlled foreign corporations.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Putting America First Corporate Tax 
Act''.

SEC. 2. TERMINATION OF DEFERRAL OF ACTIVE INCOME OF CONTROLLED FOREIGN 
              CORPORATIONS.

    (a) In General.--Section 952 of the Internal Revenue Code of 1986 
is amended by adding at the end the following new subsection:
    ``(e) Special Application of Subpart.--
            ``(1) In general.--For taxable years beginning after 
        December 31, 2015, notwithstanding any other provision of this 
        subpart, the term `subpart F income' means, in the case of any 
        controlled foreign corporation, the income of such corporation 
        derived from any foreign country.
            ``(2) Applicable rules.--Rules similar to the rules under 
        the last sentence of subsection (a) and subsection (d) shall 
        apply to this subsection.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after December 31, 2015.
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