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HR 7309 116th Congress House Taxation Administrative law and regulatory procedures Corporate finance and management Department of the Treasury Federal Reserve System Foreign and international corporations Government lending and loan guarantees Income tax deductions Income tax rates Interest, dividends, interest rates Taxation of foreign income

American Assistance for American Companies Act

Introduced: June 24, 2020 Introduced by: Doggett, Lloyd Democratic · Texas 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
Jun 24, 2020
Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Jun 24, 2020
Introduced in House
 Plain-English summary Congressional Research Service

American Assistance for American Companies Act

This bill disallows certain tax benefits for inverted domestic corporations. An inverted domestic corporation is a U.S. corporation that acquires foreign entities to reincorporate in a foreign jurisdiction with income tax rates lower than U.S. rates). Specifically, an inverted domestic corporation may not claim net operating loss carrybacks, increased deductibility of business interest, nor participate in Federal Reserve Lending Facilities.

The bill allows an inverted domestic corporation to elect to be treated as a domestic corporation for U.S. tax purposes.
What's happening now June 24, 2020

Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

 Committees of jurisdiction 2