Taxation Of Foreign Income
US Congress 113th Congress
Corporate Tax Fairness Act [HB-694]
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Corporate Tax Fairness Act - Amends the Internal Revenue Code, with respect to the taxation of the foreign-source income of domestic corporations, to: (1) eliminate the deferral of tax on the foreign-source income of U.S. corporations for taxable years beginning after December 31, 2013, (2) deny the foreign tax credit to large integrated oil companies that are dual capacity taxpayers, (3) limit the offset of the foreign tax credit to income that is subject to U.S. tax, and (4) treat foreign corporations managed and controlled in the United States
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Sponsored by: Rep. Raul M. Grijalva
Referred To The House Committee On Ways And Means. on 02/14/2013
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End Big Oil Tax Subsidies Act of 2013 [HB-609]
[Energy ]
[Taxes ]
[Budget and Spending ]
[Trade ]
End Big Oil Tax Subsidies Act of 2013 - Amends the Internal Revenue Code to require seven-year amortization of the geological and geophysical expenditures of covered large oil companies. Defines "covered large oil company" as a taxpayer which is a major integrated oil company or which has gross receipts in excess of $50 million in a taxable year. Denies certain tax benefits to any taxpayer that is not a small, independent oil and gas company, including: (1) the tax credits for producing oil and gas from marginal wells and for enhanced oil recovery,
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Sponsored by: Rep. Raul M. Grijalva
Sponsor Introductory Remarks On Measure. (cr E130) on 02/12/2013
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Permanent Repeal of Oil Subsidies Act [HB-601]
[Energy ]
[Taxes ]
[Budget and Spending ]
[Environmental ]
[Trade ]
Permanent Repeal of Oil Subsidies Act - United States Exploration on Idle Tracts Act or USE IT Act - Directs the Secretary of the Interior to: (1) issue regulations establishing a graduated annual production incentive fee governing federal onshore and offshore lands subject to an oil or natural gas production lease but for which such production is not occurring, and (2) deposit the prescribed fee assessment into the general fund of the Treasury. Deficit Reduction Through Fair Oil Royalties Act - Prohibits the Secretary from issuing new oil or natural
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Sponsored by: Rep. Earl Blumenauer
Referred To The Subcommittee On Energy And Mineral Resources. on 02/21/2013
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Fair Tax for Repatriation Act [HB-5883]
[Taxes ]
[Finance ]
[Trade ]
Fair Tax for Repatriation Act - Declares that the federal tax on U.S. corporations earning profits abroad shall be a flat 5%. Makes the Department of the Treasury responsible for administering and enforcing such tax.
Sponsored by: Rep. Steve Stockman
Referred To The House Committee On Ways And Means. on 12/11/2014
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Infrastructure and Global Tax Competitiveness Act of 2014 [HB-5857]
[Infrastructure ]
[Taxes ]
[Trade ]
[Economic Development ]
Infrastructure and Global Tax Competitiveness Act of 2014
Sponsored by: Rep. John K. Delaney
Referred To The Subcommittee On Highways And Transit. on 12/12/2014
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✔
Tax Increase Prevention Act of 2014 [HB-5771]
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[Small Business ]
[Energy ]
[Pensions ]
[Healthcare ]
[Medicare and Medicaid ]
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(Although this measure has not been amended since it was passed by the House, the text was changed by H. Con. Res. 124, which made enrollment corrections, and the summary has been modified as necessary.) Division A: Tax Increase Prevention Act of 2014 - Tax Increase Prevention Act of 2014 - Title I: Certain Expiring Provisions - Subtitle A: Individual Tax Extenders - (Sec. 101) Extends through 2014: the tax deduction of expenses of elementary and secondary school teachers; the tax exclusion of imputed income from the discharge of indebtedness
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Sponsored by: Rep. Dave Camp
Signed By President. on 12/19/2014
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Fiscal Responsibility Using Government Accountability Laws Act of 2014 [HB-5652]
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[Budget and Spending ]
[Small Business ]
[Finance ]
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Fiscal Responsibility Using Government Accountability Laws Act of 2014 or the FRUGAL Act - Requires the Treasury Inspector General for Tax Administration to analyze the extent to which taxpayers are reporting existing foreign accounts and are circumventing or properly utilizing offshore voluntary disclosure initiatives and programs. Requires the Internal Revenue Service (IRS) to: (1) increase educational outreach concerning taxpayer offshore tax obligations, and (2) report to Congress on closing offshore tax loopholes and increasing revenue collection
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Sponsored by: Rep. Ann M. Kuster
Referred To The Committee On Ways And Means, And In Addition To The Committees On Oversight And Government Reform, And Financial Services, For A Period To Be Subsequently Determined By The Speaker, In Each Case For Consideration Of Such Provisions As Fall Within The Jurisdiction Of The Committee Concerned. on 09/18/2014
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Pay What You Owe Before You Go Act [HB-5549]
[Taxes ]
[International ]
Pay What You Owe Before You Go Act - Amends the Internal Revenue Code to require the recapture in subpart F income (i.e., income of a controlled foreign corporation earned outside the United States which is not tax deferred) the accumulated deferred foreign income of such corporation (i.e., the undistributed earnings of the controlled foreign corporation over its undistributed U.S. earnings) for its last taxable year.
Sponsored by: Rep. Lloyd Doggett
Referred To The House Committee On Ways And Means. on 09/18/2014
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Real Estate Investment and Jobs Act of 2014 [HB-5487]
[Real Estate ]
[Labor, Jobs, Employment ]
[Taxes ]
[Finance ]
[Economic Development ]
Real Estate Investment and Jobs Act of 2014 - Amends the Internal Revenue Code to: (1) increase from 5% to 10% the allowable ownership interest in real estate investment trust (REIT) stock for purposes of tax exemptions allowed by the Foreign Investment in Real Property Tax Act (FIRPTA) relating to foreign investment in U.S. real property interests; (2) require a U.S. real property holding corporation to make its status readily accessible and publicly available; (3) require brokers who sell an interest in a U.S. real property holding corporation
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Sponsored by: Rep. Joseph Crowley
Referred To The House Committee On Ways And Means. on 09/16/2014
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Putting America First Corporate Tax Act [HB-5443]
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[Finance ]
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Putting America First Corporate Tax Act - Amends the Internal Revenue Code to include in subpart F income (income of a controlled foreign corporation earned outside the United States that is not tax deferred): (1) a shareholder's pro rata share of the average of certain U.S. and foreign property held by a controlled foreign corporation as of the close of each quarter of a taxable year, and (2) the income of a controlled foreign corporation derived from any foreign country.
Sponsored by: Rep. Mark Pocan
Referred To The House Committee On Ways And Means. on 09/10/2014
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Patriot Employer Tax Credit Act [HB-5372]
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[Healthcare ]
[Retirement ]
[Veterans ]
[Small Business ]
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Patriot Employer Tax Credit Act - Amends the Internal Revenue Code to allow a Patriot employer a business-related tax credit for up to 10% of the first $15,000 of wages paid to any employee in a taxable year. Sets forth criteria for designation as a Patriot employer, including requirements that such employer: (1) maintains its headquarters in the United States and does not expatriate to avoid payment of U.S. income taxes, (2) complies with the employer mandate to provide minimum essential health care coverage to its employees under the Patient Protection
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Sponsored by: Rep. Raul M. Grijalva
Referred To The House Committee On Ways And Means. on 07/31/2014
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Federal Employee Pension Fairness Act [HB-5338]
[Labor, Jobs, Employment ]
[Pensions ]
[Taxes ]
[Retirement ]
[Budget and Spending ]
Federal Employee Pension Fairness Act - Repeals provisions requiring federal employees, including foreign service employees, who began service after 2012 to pay an increased contribution (4.4%) for funding their annuities under the Federal Employees Retirement System (FERS). Amends the Internal Revenue Code to: (1) treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations for U.S. tax purposes; and (2) revise rules for the taxation of inverted corporations (i.e., U.S. corporations that acquire
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Sponsored by: Rep. Gerald E. Connolly
Referred To The Committee On Ways And Means, And In Addition To The Committees On Oversight And Government Reform, And Foreign Affairs, For A Period To Be Subsequently Determined By The Speaker, In Each Case For Consideration Of Such Provisions As Fall Within The Jurisdiction Of The Committee Concerned. on 07/31/2014
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Incentivizing Foreign Investment to Upgrade America's Infrastructure Act of 2014 [HB-5251]
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[Finance ]
[Taxes ]
[Trade ]
[Investments ]
[Pensions ]
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Incentivizing Foreign Investment to Upgrade America's Infrastructure Act of 2014 - Amends the Internal Revenue Code to exempt a qualified foreign pension fund from taxation of gain or loss from, or tax withholding requirements on, the disposition of U.S. real property interests. Defines "qualified foreign pension fund" as any trust, corporation, or other organization or arrangement that: (1) is created or organized outside the United States; (2) is established to provide employee retirement or pension benefits; (3) does not have a single participant
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Sponsored by: Rep. William L. Owens
Referred To The House Committee On Ways And Means. on 07/29/2014
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Stop Child Summer Hunger Act of 2014 [HB-5242]
[Food ]
[Children and Youth ]
[Poverty ]
[Taxes ]
[Budget and Spending ]
[Healthcare ]
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Stop Child Summer Hunger Act of 2014 - Amends the Richard B. Russell National School Lunch Act to require the Secretary of Agriculture to establish a program providing eligible households with summer Electronic Benefits Transfer (EBT) cards that give children access to food during the summer months to: (1) reduce or eliminate children's food insecurity and hunger, and (2) improve their nutritional status. Defines an "eligible household" as a household that includes one or more children who are eligible to receive free or reduced price meals under
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Sponsored by: Rep. Sean Patrick Maloney
Referred To The Subcommittee On Early Childhood, Elementary, And Secondary Education. on 11/17/2014
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Balancing Act [HB-505]
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[Energy ]
[Defense ]
[International ]
[Labor, Jobs, Employment ]
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[Transportation and Motor Vehicles ]
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Balancing Act - Title I: Repeal Sequester - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act), as amended by the Budget Control Act of 2011, to repeal certain sequestration requirements for enforcement of a specified budget goal. Title II: Close Tax Loopholes to Achieve Balance - Subtitle A: 28 Percent Limitation on Certain Deductions and Exclusions - Amends the Internal Revenue Code to limit tax deductions and other tax exclusions for taxpayers whose adjusted gross income exceeds $200,000 ($250,000
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Sponsored by: Rep. Raul M. Grijalva
Referred To The Subcommittee On Early Childhood, Elementary, And Secondary Education. on 04/23/2013
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Stop Corporate Expatriation and Invest in America's Infrastructure Act of 2014 [HB-4985]
[Infrastructure ]
[Taxes ]
[Transportation and Motor Vehicles ]
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[Trade ]
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Stop Corporate Expatriation and Invest in America's Infrastructure Act of 2014 - Amends the Internal Revenue Code to revise 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) to provide 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:
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Sponsored by: Rep. Gerald E. Connolly
Referred To The House Committee On Ways And Means. on 06/26/2014
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IMPACT Act of 2014 [HB-4753]
[Energy ]
[Taxes ]
[Technology and Innovation ]
[Transportation and Motor Vehicles ]
[Manufacturing ]
[Climate Change ]
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Investing to Modernize the Production of American Clean Energy and Technology Act of 2014 or the IMPACT Act of 2014 - Amends the Internal Revenue Code, with respect to alternative and renewable energy tax provisions, to: (1) extend through 2023 the placed-in-service dates for the tax credit for producing electricity from wind, biomass, geothermal or solar energy, landfill gas, hydropower, and marine and hydrokinetic renewable energy facilities; (2) extend through 2023 the election of the tax credit for investment in energy property in lieu of the
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Sponsored by: Rep. Earl Blumenauer
Sponsor Introductory Remarks On Measure. (cr E853-854) on 05/28/2014
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Stop Corporate Inversions Act of 2014 [HB-4679]
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[Finance ]
[Trade ]
[Small Business ]
[International ]
Stop Corporate Inversions Act of 2014 - Amends the Internal Revenue Code to revise 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) to provide 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
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Sponsored by: Rep. James R. Langevin
Referred To The House Committee On Ways And Means. on 05/20/2014
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Personal Holding Company Tax Parity and Reinvestment Act [HB-4589]
[Taxes ]
[Finance ]
[Small Business ]
Personal Holding Company Tax Parity and Reinvestment Act - Amends the Internal Revenue Code to exclude dividends received by a U.S. shareholder from a controlled foreign corporation from the definition of "personal holding company income" for purposes of personal holding company taxation.
Sponsored by: Rep. Cathy McMorris Rodgers
Referred To The House Committee On Ways And Means. on 05/07/2014
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To amend the Internal Revenue Code of 1986 to expand and make permanent rules related to investment by nonresident aliens in domestic mutual funds. [HB-4555]
[Taxes ]
[Finance ]
[Investments ]
Amends the Internal Revenue Code, with respect to the tax on nonresident alien individuals, to: (1) make permanent the tax exemption for interest-related dividends and short-term capital gain dividends received from a regulated investment company, and (2) expand the categories of interest-related dividends for which a tax exemption is allowed.
Sponsored by: Rep. Erik Paulsen
Referred To The House Committee On Ways And Means. on 05/01/2014