HR 2976 117th Congress House Taxation Administrative law and regulatory procedures Corporate finance and management Department of the Treasury Foreign and international corporations Income tax rates Taxation of foreign income

Stop Corporate Inversions Act of 2021

Introduced: May 4, 2021 Introduced by: Doggett, Lloyd Democratic · Texas See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

May 4, 2021

Referred to the House Committee on Ways and Means.

May 4, 2021

Introduced in House

Plain-English summary Congressional Research Service

Stop Corporate Inversions Act of 2021

This bill revises rules for the taxation of inverted corporations (i.e., U.S. corporations that acquire foreign companies to reincorporate in a foreign jurisdiction with income tax rates lower than the United States). The bill provides that a foreign corporation that acquires the properties of a U.S. corporation or partnership after May 8, 2014, shall be treated as an inverted corporation and thus subject to U.S. taxation if, after such acquisition (1) it holds more than 50% of the stock of the new entity (expanded affiliated group), or (2) the management or control of the new entity occurs primarily within the United States and the new entity has significant domestic business activities.

What's happening now May 4, 2021

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1