HR 4377
114th Congress
House
Taxation
Accounting and auditing
Aging
Air quality
Alternative and renewable resources
Building construction
Business expenses
Business investment and capital
Corporate finance and management
Disability and paralysis
Disaster relief and insurance
Endangered and threatened species
Energy efficiency and conservation
Environmental regulatory procedures
Foreign and international corporations
Hybrid, electric, and advanced technology vehicles
Income tax credits
Income tax deductions
Income tax rates
Interest, dividends, interest rates
American Business Competitiveness Act of 2015
Introduced: January 13, 2016
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 13, 2016
Referred to the House Committee on Ways and Means.
Jan 13, 2016
Introduced in House
Plain-English summary
American Business Competitiveness Act of 2015
This bill amends the Internal Revenue Code to:
- reduce the tax rate on the net business income of individual and corporate taxpayers to a maximum 25%;
- allow full expensing of deductible investment expenses in the current taxable year;
- redefine "net business income" to allow the deduction of the cost of business purchases;
- convert to a territorial system for taxing overseas income;
- apply the same tax rate to interest income of individuals that is applicable to dividends and capital gains income; and
- allow a five-year carryback of net operating losses and an indefinite carryforward of such losses.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1