S 1636 115th Congress Senate Taxation Administrative law and regulatory procedures Corporate finance and management Department of the Treasury Foreign and international corporations Income tax rates Taxation of foreign income

Stop Corporate Inversions Act of 2017

Introduced: July 26, 2017 Introduced by: Durbin, Richard J. Democratic · Illinois See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jul 26, 2017

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4301-4302)

Jul 26, 2017

Introduced in Senate

Plain-English summary Congressional Research Service

Stop Corporate Inversions Act of 2017

This bill amends the Internal Revenue Code to revise rules for the taxation of inverted corporations (i.e., U.S. corporations that acquire foreign companies to reincorporate in a foreign jurisdiction with income tax rates lower than the United States). The bill provides that a foreign corporation that acquires the properties of a U.S. corporation or partnership after May 8, 2014, shall be treated as an inverted corporation and thus subject to U.S. taxation if, after such acquisition: (1) it holds more than 50% of the stock of the new entity (expanded affiliated group), or (2) the management or control of the new entity occurs primarily within the United States and the new entity has significant domestic business activities.

What's happening now July 26, 2017

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4301-4302)

Committees of jurisdiction 1