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HR 4639 117th Congress House Taxation

Tax Credit Restoration Act of 2021

Introduced: July 22, 2021 Introduced by: DelBene, Suzan K. Democratic · Washington 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
Jul 22, 2021
Referred to the House Committee on Ways and Means.
Jul 22, 2021
Introduced in House
 Plain-English summary Congressional Research Service

Tax Credit Restoration Act of 2021

This bill requires the calculation of the base erosion minimum tax amount without regard to any offsetting credits. The base erosion and anti-abuse tax is levied on certain large corporations with deductions for amounts paid or accrued to foreign-related parties that are greater than 3% of their total deductions (2% in the case of certain banks or registered securities dealers).

What's happening now July 22, 2021

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1