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HR 5261 114th Congress House Taxation Accounting and auditing Corporate finance and management Foreign and international corporations Securities Tax administration and collection, taxpayers Taxation of foreign income

Protecting the U.S. Corporate Tax Base Act of 2016

Introduced: May 17, 2016 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
May 17, 2016
Referred to the House Committee on Ways and Means.
May 17, 2016
Introduced in House
 Plain-English summary Congressional Research Service

Protecting the U.S. Corporate Tax Base Act of 2016

This bill amends the Internal Revenue Code to revise the rules for taxing the earnings and determining the stock ownership of certain controlled foreign corporations (CFCs).

The bill provides that, in the case of certain CFCs, subpart F income (income of a CFC earned outside the United States that is not tax deferred) includes a U.S. shareholder's pro rata share of any increase in the CFC's investment of earnings in certain foreign property.

The bill also revises the rules for determining stock ownership to prohibit a CFC from transferring stock to a foreign affiliate to reduce the portion of stock owned by U.S. shareholders below the level required to be considered a CFC.

What's happening now May 17, 2016

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 3