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S 991 117th Congress Senate Taxation Corporate finance and management Foreign and international corporations Income tax credits Income tax deductions Income tax rates Interest, dividends, interest rates International law and treaties Tax administration and collection, taxpayers Taxation of foreign income

Corporate Tax Dodging Prevention Act

Introduced: March 25, 2021 Introduced by: Sanders, Bernard Independent · Vermont 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
Mar 25, 2021
Read twice and referred to the Committee on Finance.
Mar 25, 2021
Introduced in Senate
 Plain-English summary Congressional Research Service

Corporate Tax Dodging Prevention Act

This bill modifies tax provisions relating to certain large domestic and foreign corporations to prevent offshoring of jobs and factories and tax evasion.

Specifically, the bill

  • restores higher tax rates on the taxable income of corporations and personal service corporations (up to 35% on taxable income exceeding $10 million);
  • revises the definition of subpart F income for controlled foreign corporations to equalize tax rates on domestic and foreign corporations;
  • requires multinational companies to disclose basic country-by-country information including revenues, profits, and number of employees;
  • prohibits corporations from disregarding parts of their structure in determining whether they owe taxes in the current year or can defer payment (repeal of check-the-box rules);
  • impose limitations on the tax deduction for the interest expense of members of financial reporting groups with excess domestic indebtedness;
  • modifies rules relating to inverted corporations;
  • treats corporations with gross assets of $50 million or more and managed and controlled in the United States as U.S. taxpayers;
  • increases the rate and expands the applicability of the base erosion and anti-abuse excise tax;
  • modifies foreign tax credit rules applicable to certain industries receiving specific economic benefits; and
  • repeals the tax deduction for foreign-derived intangible income.
What's happening now March 25, 2021

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1