S 3804
115th Congress
Senate
Taxation
Foreign and international corporations
Oil and gas
Taxation of foreign income
A bill to reinstate the taxation of foreign oil related income, and for other purposes.
Introduced: December 21, 2018
Introduced by:
Duckworth, Tammy
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
Dec 21, 2018
Read twice and referred to the Committee on Finance.
Dec 21, 2018
Introduced in Senate
Plain-English summary
This bill amends the Internal Revenue Code to reinstate provisions that tax certain foreign oil-related income as foreign base company income under Subpart F (i.e., income of a controlled foreign corporation earned outside the United States). The provisions were repealed in P.L. 115-197 (commonly referred to as the Tax Cuts and Jobs Act).
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1