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
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
Plain-English summary
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
Read twice and referred to the Committee on Finance. (text: CR S3209-3210)
Committees of jurisdiction
1