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HR 5962 111th Congress House

American Business Competitiveness Act of 2010

Official title: To amend the Internal Revenue Code of 1986 to reduce the maximum corporate income tax rate and to offset the revenue cost by repealing certain corporate tax benefits.

Introduced: July 29, 2010 See on congress.gov
Taxation Accounting and auditingAdministrative law and regulatory proceduresBusiness investment and capitalCapital gains tax
More subjectsShow fewer subjects
Corporate finance and managementDepartment of the TreasuryEmployee benefits and pensionsForeign and international corporationsIncome tax deductionsIncome tax exclusionIncome tax ratesInterest, dividends, interest ratesInternational law and treatiesSecuritiesSmall businessTax administration and collection, taxpayersTaxation of foreign income
This bill died when the 111th Congress ended
It never became law before the 111th Congress (2009–2010) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 30, 2010
Sponsor introductory remarks on measure. (CR H6461-6462, E1531)
Jul 29, 2010
Referred to the House Committee on Ways and Means.
Jul 29, 2010
Introduced in House
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 Latest action July 30, 2010

Sponsor introductory remarks on measure. (CR H6461-6462, E1531)

 Plain-English summary Congressional Research Service

American Business Competitiveness Act of 2010 - Amends the Internal Revenue Code to: (1) reduce to 23% the maximum income tax rate for corporations; (2) set forth rules for the allocation of foreign-related tax credits and deductions; (3) repeal rules for the application of the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit; (4) repeal the last-in, first-out (LIFO) and the lower of cost or market methods of inventory; (5) make permanent the increased ($250,000) expensing allowance for depreciable business assets; (6) increase from 15 to 20 years the amortization period for goodwill and other intangibles; (7) set forth rules for the application of the economic substance doctrine to tax transactions; (8) reduce the percentage of the deduction for dividends received; (9) require the recognition of ordinary income on the sale or exercise of a stock option in an S corporation with an employee stock ownership plan (ESOP); and (10) allow nonrecognition of gain in a corporate reorganization for corporations that exchange property solely for stock other than nonqualified preferred stock.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). H.R. 5962: American Business Competitiveness Act of 2010. 111th Congress. Open America. https://openamerica.io/bill/111-HR-5962/
MLA
"H.R. 5962: American Business Competitiveness Act of 2010." 111th Congress, 2026, Open America, https://openamerica.io/bill/111-HR-5962/.
Bluebook (legal)
H.R. 5962, 111th Cong. (2026), https://openamerica.io/bill/111-HR-5962/.
Markdown link
[H.R. 5962: American Business Competitiveness Act of 2010](https://openamerica.io/bill/111-HR-5962/)
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