US HB7749 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Republican 5-0)
Status: Introduced on July 23 2020 - 25% progression, died in committee
Action: 2020-07-23 - Referred to the Subcommittee on Select Revenue Measures.
Pending: House Subcommittee on Select Revenue Measures Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on July 23 2020 - 25% progression, died in committee
Action: 2020-07-23 - Referred to the Subcommittee on Select Revenue Measures.
Pending: House Subcommittee on Select Revenue Measures Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Excludes from gross income, for income tax purposes, gains from distributions of intangible property by controlled foreign corporations to U.S. domestic corporations. The bill defines intangible property to include patents, copyrights, licenses, formulas, computer software, and similar items with substantial value.
Title
To amend the Internal Revenue Code of 1986 to encourage the transfer of intangible property from controlled foreign corporations to United States shareholders.
Sponsors
Rep. Darin LaHood [R-IL] | Rep. Drew Ferguson [R-GA] | Rep. Robert Wittman [R-VA] | Rep. Ron Wright [R-TX] |
Rep. Kevin Hern [R-OK] |
History
Date | Chamber | Action |
---|---|---|
2020-07-23 | House | Referred to the Subcommittee on Select Revenue Measures. |
2020-07-23 | House | Referred to the House Committee on Ways and Means. |
2020-07-23 | House | Introduced in House |
Subjects
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/house-bill/7749/all-info |
Text | https://www.congress.gov/116/bills/hr7749/BILLS-116hr7749ih.pdf |