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HR 5444 113th Congress House Taxation Accounting and auditing Administrative law and regulatory procedures Corporate finance and management Department of the Treasury Income tax deductions Interest, dividends, interest rates Tax administration and collection, taxpayers

Corporate Fair Share Tax Act

Introduced: September 10, 2014 Introduced by: Pocan, Mark Democratic · Wisconsin See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 10, 2014
Referred to the House Committee on Ways and Means.
Sep 10, 2014
Introduced in House
 Plain-English summary Congressional Research Service

Corporate Fair Share Tax Act - Amends the Internal Revenue Code to limit the tax deduction of the interest expense of a U.S. corporation that is a member of a financial reporting group (a group that prepares consolidated financial statements according to accepted accounting principles or international financial reporting standards) to: (1) the amount of interest on indebtedness of the corporation includible in the corporation's gross income for the taxable year plus its proportionate share of the group's net interest expense in the taxable year; or (2) 10% of the corporation's adjusted taxable income, if the corporation fails to substantiate its proportionate share of interest expense. Exempts a corporation that is predominantly engaged in the active conduct of a banking, financing, or similar business or that has less than $5 million of net interest expense for the taxable year.

What's happening now September 10, 2014

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1