BillCam

Corporate Finance And Management

Number	Legislature	Summary	Subjects
HJR-54	Federal	Disapproving the rule submitted by the Department of the Treasury and the Internal Revenue Service relating to documentation requirements for certain related-party interests in a corporation to be treated as indebtedness. This joint resolution nullifies rules submitted by the Department of the Treasury and the Internal Revenue Service on October 21, 2016, relating to documentation requirements that must be satisfied for certain related-party interests in a corporation to be treated as indebtedness for federal tax purposes. Republican: 100% (2) 100% Republican support	Taxation Administrative Law And Regulatory Procedures Congressional Oversight Corporate Finance And Management Department Of The Treasury Internal Revenue Service (irs) Securities Tax Administration And Collection, Taxpayers
S.236	Federal	Craft Beverage Modernization and Tax Reform Act of 2017 This bill amends the Internal Revenue Code, with respect to the tax treatment of certain alcoholic beverages, to: exclude the aging period from the production period for beer, wine, or distilled spirits for purposes of determining whether a taxpayer can expense, rather than capitalize, interest costs paid or incurred during the production period; reduce excise tax rates on beer and distilled spirits; modify the small wine producer tax credit to increase the amount of the credit, expand the producers that are covered, and specify an adjustment for hard cider; modify the alcohol content limitations that apply to certain wines for tax purposes; specify definitions for "mead" and "low alcohol by volume wine;" modify requirements for records, statements, and returns for certain breweries; and permit the transfer of beer between bonded facilities without payment of tax. The Department of the Treasury must amend applicable regulations with respect to the use of wholesome products suitable for human consumption in the production of fermented beverages. Democrat: 54% (31) Republican: 43% (25) Independent: 1% (1) 54% Democrat support 43% Republican support 1% Independent support	Taxation Administrative Law And Regulatory Procedures Alcoholic Beverages Business Investment And Capital Business Records Competition And Antitrust Corporate Finance And Management Department Of The Treasury Executive Agency Funding And Structure Food Supply, Safety, And Labeling
HJR-48	Federal	Proposing an amendment to the Constitution of the United States providing that the rights extended by the Constitution are the rights of natural persons only. This joint resolution proposes a constitutional amendment providing that: (1) the rights protected by the Constitution are the rights of natural persons only; (2) artificial entities (such as corporations, limited liability companies, and other entities established by the laws of any state, the United States, or any foreign state) shall have no rights under the Constitution and are subject to regulation by the people, through federal, state, or local law; and (3) the privileges of such artificial entities shall not be construed to be inherent or inalienable. The amendment requires federal, state, and local government to: (1) regulate, limit, or prohibit contributions and expenditures, including a candidate's own contributions and expenditures, to ensure that all citizens, regardless of their economic status, have access to the political process and that no person gains, as a result of that person's money, substantially more access or ability to influence the election of any candidate for public office or any ballot measure; and (2) require that any permissible contributions and expenditures be publicly disclosed. The judiciary is prohibited from construing the spending of money to influence elections to be speech under the First Amendment. Democrat: 98% (65) Republican: 1% (1) 98% Democrat support 1% Republican support	Civil Rights And Liberties, Minority Issues Constitution And Constitutional Amendments Corporate Finance And Management Elections, Voting, Political Campaign Regulation First Amendment Rights Political Advertising
HB-747	Federal	Craft Beverage Modernization and Tax Reform Act of 2017 This bill amends the Internal Revenue Code, with respect to the tax treatment of certain alcoholic beverages, to: exclude the aging period from the production period for beer, wine, or distilled spirits for purposes of determining whether a taxpayer can expense, rather than capitalize, interest costs paid or incurred during the production period; reduce excise tax rates on beer and distilled spirits; modify the small wine producer tax credit to increase the amount of the credit, expand the producers that are covered, and specify an adjustment for hard cider; modify the alcohol content limitations that apply to certain wines for tax purposes; specify definitions for "mead" and "low alcohol by volume wine;" modify requirements for records, statements, and returns for certain breweries; and permit the transfer of beer between bonded facilities without payment of tax. The Department of the Treasury must amend applicable regulations with respect to the use of wholesome products suitable for human consumption in the production of fermented beverages. Republican: 58% (134) Democrat: 41% (96) Unaffiliated: 0% (1) 58% Republican support 41% Democrat support 0% Unaffiliated support	Taxation Administrative Law And Regulatory Procedures Alcoholic Beverages Business Investment And Capital Business Records Competition And Antitrust Corporate Finance And Management Department Of The Treasury Executive Agency Funding And Structure Food Supply, Safety, And Labeling
HB-659	Federal	Standard Merger and Acquisition Reviews Through Equal Rules Act of 2017 (Sec. 2) This bill amends the Clayton Act with respect to notice to a state by the Department of Justice (DOJ) about federal actions brought for violations of antitrust laws. Currently DOJ must: notify a state attorney general about an antitrust action regarding which DOJ has reason to believe that the state attorney general would also be entitled to bring an action based substantially on the same alleged violation of the antitrust laws; and upon request make available to the state attorney general, to the extent permitted by law, any investigative files or other materials which are or may be relevant or material to the actual or potential cause of action. The Federal Trade Commission (FTC) shall exercise the same authority and procedures as DOJ under the Clayton Act if the FTC has brought an action under the same Act with respect to the prohibition against acquisition by one corporation of the stock of another (merger) that may substantially lessen competition or tend to create a monopoly. Also in cases brought by the FTC that result in final judgments against a defendant, those judgments shall be prima facie evidence of antitrust violations under substantially similar facts in actions brought by other parties. The statute of limitations shall be tolled during a proceeding brought by the FTC under such Act, and for one year thereafter, for any private and state rights of action based on the conduct in question during the proceeding. The FTC shall enforce compliance with the Act in the same manner as DOJ in acting to prevent or restrain antitrust violations. The FTC shall enforce a consent order, however, in the same manner it does already. (Sec. 3) The Federal Trade Commission Act (FTCA) is amended to exclude proposed mergers, acquisitions, joint ventures, or similar transactions from ordinary FTC proceedings, except in cases where the FTC approves an agreement with the parties to the transaction that contains a consent order. U.S. district courts shall have jurisdiction to issue writs of mandamus commanding compliance with the FTCA or any FTC order, if the FTC applies to such courts with respect to any activity related to consummation of a merger, acquisition, joint venture, or similar transaction that may result in an unfair method of competition. Republican: 75% (6) Democrat: 25% (2) 75% Republican support 25% Democrat support	Commerce Competition And Antitrust Corporate Finance And Management Federal District Courts Jurisdiction And Venue Securities
HB-658	Federal	Protect Democracy From Criminal Corporations Act This bill amends the Federal Election Campaign Act of 1971 to prohibit a corporation from making a disbursement of funds in connection with a campaign for election for federal, state, or local office for six years after the corporation: (1) is finally convicted of conspiracy to commit an offense against, or to defraud, the United States or any other felony involving dishonesty or a breach of trust; or (2) enters into an agreement with the Department of Justice to resolve a charge regarding such an offense if the agreement includes a requirement that the corporation make a payment equal to or greater than $1 million. Democrat: 100% (2) 100% Democrat support	Government Operations And Politics Business Ethics Congressional Elections Corporate Finance And Management Elections, Voting, Political Campaign Regulation Fraud Offenses And Financial Crimes
HB-533	Federal	Corporate Rate Equality and Trade Empowerment Jobs Act of 2017 Create Jobs Act This bill amends the Internal Revenue Code to lower the rate of tax on the taxable income of corporations to the greater of: (1) 10%, or (2) the rate that is 5% below the average corporate income tax rate for Organization for Economic Co-operation and Development countries other than the United States. The bill also sets forth a procedure for a congressional joint resolution approving an increase in the corporate tax rate. Republican: 100% (2) 100% Republican support	Taxation Corporate Finance And Management Income Tax Rates Legislative Rules And Procedure
HB-519	Federal	Water and Agriculture Tax Reform Act of 2018 This bill amends the Internal Revenue Code to permit tax-exempt mutual ditch or irrigation companies to earn income from dispositions of certain real property and stock interests without affecting their tax-exempt status, but requires that such income be used to pay the costs of operations, maintenance, and capital improvements of such a company. The bill also establishes a rule regarding the organizational governance of mutual ditch or irrigation companies. Where state law provides that such a company may be organized in a manner that permits voting on a basis that is pro rata to share ownership on corporate governance matters, the tax-exempt status of the mutual ditch or irrigation company must be determined without taking into account whether its member shareholders have one vote on corporate governance matters per share held in the corporation. Republican: 75% (12) Democrat: 25% (4) 75% Republican support 25% Democrat support	Taxation Business Investment And Capital Corporate Finance And Management Farmland Financial Services And Investments Land Transfers Securities Tax-exempt Organizations Water Use And Supply
HB-531	Federal	S-Corp Access to Crowdfunding Act This bill amends the Internal Revenue Code, with respect to the taxation of S corporations, to exclude from the 100 shareholder limitation for such corporations individuals who acquired shares in an S corporation through: (1) small public offerings, or (2) one or more crowdfunding offerings. Republican: 100% (3) 100% Republican support	Taxation Corporate Finance And Management Securities Small Business
HB-493	Federal	Subsidy Reserve Act of 2017 This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to require each nonbank financial company supervised by the Federal Reserve Board (FRB) and each bank holding company with total consolidated assets of at least $500 billion to establish and maintain a capital account called a "subsidy reserve." The amount in a company's subsidy reserve shall be based, according to a formula established by the FRB, on the financial benefit received by the company as a result of the expectation of shareholders, creditors, and counterparties that the federal government will shield them from losses in the event of the company's failure. The amount in a company's subsidy reserve may be taken into account for purposes of determining a company's compliance with regulatory capital requirements. Democrat: 100% (3) 100% Democrat support	Finance And Financial Sector Administrative Law And Regulatory Procedures Banking And Financial Institutions Regulation Business Investment And Capital Business Records Corporate Finance And Management Federal Reserve System Financial Services And Investments
HB-477	Federal	Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017 (Sec. 2) This bill amends the Securities Exchange Act of 1934 to exempt from that Act's registration requirements merger-and-acquisition brokers that facilitate transfer of ownership in privately held companies with earnings or revenues under a specified threshold. This exemption shall not apply, however, to brokers that: receive, hold, transmit, or have custody of funds or securities to be exchanged by parties to an ownership transfer; engage on behalf of an issuer in a public offering of registered securities; engage on behalf of any party in a transaction involving specified shell companies; provide financing related to the transfer of ownership; assist any party to obtain financing from a third party in specified circumstances; represent both buyer and seller without disclosure and consent from both parties; facilitate a transaction with a group of buyers formed with the assistance of the broker; engage in transferring ownership to a passive buyer; bind a party to a transfer of ownership; or are subject to suspension or revocation of registration or to other specified disqualifications. Republican: 81% (9) Democrat: 18% (2) 81% Republican support 18% Democrat support	Finance And Financial Sector Banking And Financial Institutions Regulation Business Records Corporate Finance And Management Licensing And Registrations Securities Small Business
S.94	Federal	Counteracting Russian Hostilities Act of 2017 This bill directs the President to impose U.S. entry and property blocking sanctions against: (1) a person that engages in significant activities for the government of the Russian Federation that undermine U.S. or allied cyber security, or (2) a foreign person responsible for serious human rights abuses in any territory occupied or controlled by Russia. The President shall impose specified financial and property sanctions against a person that: (1) engages in a significant transaction on behalf of Russian defense or intelligence sectors; (2) invests specified amounts in Russian petroleum or natural gas resources, energy export pipelines, or civil nuclear projects; (3) purchases or facilitates the issuance of Russian sovereign debt; or (4) contributes to Russia's ability to privatize state-owned assets. The Department of Homeland Security shall conduct public service campaigns to educate the people of the United States on cyber security threats and protective online practices. No federal agency shall take any action that recognizes: (1) Russian sovereignty over Crimea, or (2) the independence of South Ossetia or Abkhazia from Georgia. It is U.S. policy to assist Ukraine in restoring its sovereignty and territorial integrity. Specified executive orders imposing Ukraine-related sanctions shall remain in effect. The bill expresses the sense of Congress that the countries of Europe and Eurasia should redouble efforts to build resilience within their political systems and civil society to counter Russian efforts to undermine democratic institutions. The Department of State shall report to Congress regarding Russian-controlled media outlets. The bill establishes in the Treasury the Europe and Eurasia Democracy and Anti-Corruption Fund. The Department of the Treasury shall establish a task force within the Financial Crimes Enforcement Network that focuses on illicit Russian-linked financial flows that interact with the U.S. financial system. Democrat: 50% (10) Republican: 50% (10) 50% Democrat support 50% Republican support	International Affairs Alliances Asia Aviation And Airports Bank Accounts, Deposits, Capital Belarus Broadcasting, Cable, Digital Technologies Competitiveness, Trade Promotion, Trade Deficits Computer Security And Identity Theft Conflicts And Wars
HB-420	Federal	Promote Startups Act of 2017 This bill amends the Internal Revenue Code to increase the maximum tax deduction for business start-up expenditures from $5,000 to $15,000 and to increase the deduction for the organizational expenditures of corporations from $5,000 to $10,000. The bill also increases the ceilings for such expenditures over which the amount of the tax deduction is reduced. Democrat: 100% (3) 100% Democrat support	Taxation Business Investment And Capital Corporate Finance And Management Income Tax Deductions Small Business
HJR-26	Federal	No Congressional Consent for President Donald J. Trump To Accept Foreign Emoluments of Any Kind Whatsoever This joint resolution declares that: the President, as holder of a federal office, is subject to the strict scrutiny of the Emoluments Clause of the Constitution; as a holder of office of profit or trust, the President shall not accept any present, emolument, office, or title of any kind whatever from any king, prince, or foreign state, without the consent of Congress; historic meaning and precedent provides that what qualifies as an emolument is given broad construction, further broadened by the inclusion "of any kind whatever," leaving Congress with the power to consent or deny consent to a full spectrum of transactions; and emoluments reach not only foreign states, but also their agents and instrumentalities, and precedent has determined that corporations owned or controlled by a foreign government are presumptively foreign states. The joint resolution: (1) declares that the Emoluments Clause denies congressional consent to allow President Trump to accept any present, emolument, office, or title of any kind whatever from any king, prince, or foreign state; and (2) requires President Trump to report to Congress on matters relevant to this resolution, including a detailed account of actions taken to ensure compliance with the Emoluments Clause. Democrat: 100% (40) 100% Democrat support	Government Operations And Politics Business Ethics Congressional Oversight Constitution And Constitutional Amendments Corporate Finance And Management Government Ethics And Transparency, Public Corruption Presidents And Presidential Powers, Vice Presidents Trade Restrictions U.s. And Foreign Investments
HB-397	Federal	Members of Congress Tax Accountability Act of 2017 This bill amends the Ethics in Government Act of 1978 to require Members of Congress to include in their annual financial disclosure reports the amount of any delinquent tax liability owed to the United States or any state or local government entity. The appropriate congressional ethics committee is required to open an inquiry immediately into the tax delinquency of that Member to determine: (1) his or her total delinquent tax liability and reason for such delinquency, (2) whether the Member has a plan to eliminate it, and (3) whether it has reflected poorly on Congress. Such Member shall arrange with the Secretary of the Senate or the Chief Administrative Officer of the House of Representatives, as appropriate, and the Internal Revenue Service to have an appropriate amount of his or her salary designated to pay the taxes owed to the United States within a reasonable time period. Republican: 100% (2) 100% Republican support	Congress Congressional Oversight Corporate Finance And Management Debt Collection Government Employee Pay, Benefits, Personnel Management Government Ethics And Transparency, Public Corruption Government Studies And Investigations Members Of Congress Tax Administration And Collection, Taxpayers
SR-11	Federal	A resolution encouraging the development of best business practices to fully utilize the potential of the United States. Encourages each corporate, academic, and social entity: (1) to develop an internal rule modeled after a successful business practice, such as the Rooney Rule (requires every National Football League team with a coach or general manager opening to interview at least one minority candidate) or the RLJ Rule (encourages companies to voluntarily establish a best practices policy to identify minority candidates and vendors by implementing a plan to interview at least two qualified minority candidates for managerial openings at the director level and above and to interview two qualified minority businesses before approving a vendor contract); (2) in accordance with title VII of the Civil Rights Act of 1964, to adapt that rule to specifications that will best fit the procedures of the individual entity; and (3) to institute such individualized rule to ensure that the entity will always consider candidates from underrepresented populations before selecting a business vendor or filling a leadership position. Republican: 62% (5) Democrat: 37% (3) 62% Republican support 37% Democrat support	Labor And Employment Corporate Finance And Management Employee Hiring Employment Discrimination And Employee Rights Minority Employment
S.82	Federal	Stop Subsidizing Multimillion Dollar Corporate Bonuses Act This bill amends the Internal Revenue Code, with respect to the $1 million limitation on the deductibility of employee compensation, to: (1) extend such limitation to any individual who is a current or former officer, director, or employee of a publicly-held corporation; (2) eliminate the exemption from such limitation for compensation payable on a commission basis or upon the attainment of a performance goal; and (3) make such limitation applicable to all publicly-held corporations that are required by the Securities and Exchange Commission to register securities and provide periodic reports to their investors. Democrat: 100% (8) 100% Democrat support	Taxation Administrative Law And Regulatory Procedures Corporate Finance And Management Department Of The Treasury Income Tax Deductions Wages And Earnings
HB-399	Federal	Stop Subsidizing Multimillion Dollar Corporate Bonuses Act This bill amends the Internal Revenue Code, with respect to the $1 million limitation on the deductibility of employee compensation, to: (1) extend such limitation to any individual who is a current or former officer, director, or employee of a publicly-held corporation; (2) eliminate the exemption from such limitation for compensation payable on a commission basis or upon the attainment of a performance goal; and (3) make such limitation applicable to all publicly-held corporations that are required by the Securities and Exchange Commission to register securities and provide periodic reports to their investors. Democrat: 100% (56) 100% Democrat support	Taxation Administrative Law And Regulatory Procedures Corporate Finance And Management Department Of The Treasury Income Tax Deductions Wages And Earnings
HB-376	Federal	Shareholder Protection Act of 2017 This bill amends the Securities Exchange Act of 1934 to require shareholder authorization with respect to certain political expenditures by an issuer. A violation of this requirement shall be considered a breach of fiduciary duty, and the officers and directors who authorized the expenditure shall be subject to joint and several liability. The Securities and Exchange Commission must direct the national securities exchanges and associations to prohibit the listing of any equity security of an issuer whose corporate bylaws do not require a board vote with respect to political expenditures in excess of $50,000. An issuer must, within 48 hours, make publicly available the individual votes of each board member with respect to such expenditures. The bill establishes various reporting requirements. Democrat: 100% (39) 100% Democrat support	Finance And Financial Sector Administrative Law And Regulatory Procedures Civil Actions And Liability Congressional Oversight Corporate Finance And Management Elections, Voting, Political Campaign Regulation Financial Services And Investments Government Information And Archives Government Studies And Investigations Securities
S.65	Federal	Presidential Conflicts of Interest Act of 2017 This bill requires the President and Vice President to submit to Congress and the Office of Government Ethics a disclosure of financial interests. Among the contents of such disclosure, the President and Vice President shall: (1) include a detailed description of each financial interest of the President and Vice President, the spouse of the President and Vice President, or a minor child of the President and Vice President; and (2) include the tax returns filed by or on behalf of the President and Vice President for the three most recent taxable years. The President, the Vice President, the spouse of the President or Vice President, and any minor child of the President or Vice President must divest any financial interest posing a potential conflict of interest by transferring such interest to a qualified blind trust. Within a reasonable period of time after such financial interest is transferred to a qualified blind trust, the trustee of such trust shall: (1) sell the financial interest; and (2) use the proceeds from the sale of the financial interest to purchase conflict-free holdings. The Office of Government Ethics shall submit to Congress, the President, and the Vice President an annual report regarding the financial interests of such officials, their spouses, and any of their minor children. The Attorney General, the attorney general of any state, or any person aggrieved by a violation of divestiture requirements posing a potential conflict of interest may seek declaratory or injunctive relief if: (1) the Office of Government Ethics is unable to issue a report indicating whether the President or Vice President is in substantial compliance with such divestiture requirements; or (2) there is probable cause to believe the President or the Vice President has not complied with such requirements. The bill amends the federal criminal code to require the recusal of presidential appointees from decisions affecting the financial holdings of a President or the spouse of a President. Prohibitions pertaining to contracts entered into by Members of Congress are extended to contracts by the President or Vice President. The bill amends the Ethics in Government Act of 1978 to require the disclosure of tax returns by the incumbent President and presidential nominees of a major political party for the three most recent taxable years. The bill declares the sense of Congress that a violation of divestiture requirements of this bill or the Ethics in Government in Government Act of 1978 by the President or the Vice President would constitute a high crime or misdemeanor. Democrat: 100% (33) 100% Democrat support	Government Operations And Politics Civil Actions And Liability Congressional Oversight Corporate Finance And Management Elections, Voting, Political Campaign Regulation Federal Officials Financial Services And Investments Government Employee Pay, Benefits, Personnel Management Government Ethics And Transparency, Public Corruption Government Information And Archives

Title: Disapproving the rule submitted by the Department of the Treasury and the Internal Revenue Service relating to documentation requirements for certain related-party interests in a corporation to be treated as indebtedness.