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S 4067 116th Congress Senate 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: Durbin, Richard J. Democratic · Illinois See on congress.gov
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This bill died when the 116th Congress ended
It never became law before the 116th Congress (2019–2020) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 24, 2020
Read twice and referred to the Committee on Finance. (text: CR S3209-3210)
Jun 24, 2020
Introduced in Senate
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 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

Read twice and referred to the Committee on Finance. (text: CR S3209-3210)

 Related & companion bills 1
  • HR 7309 Identical bill American Assistance for American Companies Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2
D
Duckworth, Tammy
Illinois · Jun 24, 2020
 D
Van Hollen, Chris
Maryland · Jun 24, 2020
Cite this page click to expand
APA
U.S. Congress. (2026). S. 4067: American Assistance for American Companies Act. 116th Congress. Open America. https://openamerica.io/bill/116-S-4067/
MLA
"S. 4067: American Assistance for American Companies Act." 116th Congress, 2026, Open America, https://openamerica.io/bill/116-S-4067/.
Bluebook (legal)
S. 4067, 116th Cong. (2026), https://openamerica.io/bill/116-S-4067/.
Markdown link
[S. 4067: American Assistance for American Companies Act](https://openamerica.io/bill/116-S-4067/)
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