HR 1303 109th Congress House Taxation Commerce Corporation taxes Finance and Financial Sector Foreign Trade and International Finance Foreign corporations Income tax International Affairs Partnerships Prices Residence requirements Stockholders Subsidiary corporations Tax deductions Tax evasion Tax havens Tax rates Tax treaties Taxation of foreign income Withholding tax

Fairness and Accountability in International Taxation Act of 2005

Introduced: March 15, 2005 Introduced by: Doggett, Lloyd Democratic · Texas See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 15, 2005

Referred to the House Committee on Ways and Means.

Mar 15, 2005

Introduced in House

Plain-English summary Congressional Research Service

Fairness and Accountability in International Taxation Act of 2005 - Amends the Internal Revenue Code to deny reduced withholding tax treaty benefits to a foreign entity on any deductible foreign payment (deductible payment made by a domestic entity to a related foreign entity) unless such entity is predominantly owned by individuals who are residents of such foreign country. Exempts from such provision: (1) corporations with substantial business activities in a treaty country with specified tax rates; (2) payments received by controlled foreign corporations from U.S. shareholders; and (3) certain conduit payments made by foreign corporations.

Provides a special income and deduction allocation rule for related-party inbound (transfer price reduced by deflected tax haven income) and outbound (transfer price increased by deflected tax haven income) transactions. Defines "related-party inbound transaction," "related-party outbound transaction," and "deflected tax haven."

What's happening now March 15, 2005

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1