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HR 7749 116th Congress House Taxation Intellectual property Taxation of foreign income

To amend the Internal Revenue Code of 1986 to encourage the transfer of intangible property from controlled foreign corporations to United States shareholders.

Introduced: July 23, 2020 Introduced by: LaHood, Darin Republican · Illinois See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 23, 2020
Referred to the Subcommittee on Select Revenue Measures.
Jul 23, 2020
Referred to the House Committee on Ways and Means.
Jul 23, 2020
Introduced in House
 Plain-English summary Congressional Research Service

This bill excludes from gross income, for income tax purposes, gains from distributions of intangible property by controlled foreign corporations to U.S. domestic corporations. The bill defines intangible property to include patents, copyrights, licenses, formulas, computer software, and similar items with substantial value.

What's happening now July 23, 2020

Referred to the Subcommittee on Select Revenue Measures.

 Committees of jurisdiction 2
 Cosponsors 2
All 2 Republican 2