US SB2360 | 2013-2014 | 113th Congress
Status
Spectrum: Partisan Bill (Democrat 22-1)
Status: Introduced on May 20 2014 - 25% progression, died in committee
Action: 2014-05-20 - Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3188-31889)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on May 20 2014 - 25% progression, died in committee
Action: 2014-05-20 - Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3188-31889)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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 during the period beginning after May 8, 2014, and before May 9, 2016, a foreign corporation that acquires the properties of a U.S. corporation or partnership 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 of the new entity (expanded affiliated group), or (2) the management or control of the new entity occurs primarily within the United States and the new entity has significant domestic business activities.
Title
Stop Corporate Inversions Act of 2014
Sponsors
Sen. Carl Levin [D-MI] | Sen. Tammy Baldwin [D-WI] | Sen. Barbara Boxer [D-CA] | Sen. Benjamin Cardin [D-MD] |
Sen. Richard Durbin [D-IL] | Sen. Dianne Feinstein [D-CA] | Sen. Al Franken [D-MN] | Sen. Tom Harkin [D-IA] |
Sen. Mazie Hirono [D-HI] | Sen. Tim Johnson [D-SD] | Sen. Tim Kaine [D-VA] | Sen. Angus King [I-ME] |
Sen. Amy Klobuchar [D-MN] | Sen. Jeff Merkley [D-OR] | Sen. Barbara Mikulski [D-MD] | Sen. Bill Nelson [D-FL] |
Sen. Jack Reed [D-RI] | Sen. John Rockefeller [D-WV] | Sen. Brian Schatz [D-HI] | Sen. Debbie Stabenow [D-MI] |
Sen. John Walsh [D-MT] | Sen. Elizabeth Warren [D-MA] | Sen. Sheldon Whitehouse [D-RI] |
History
Date | Chamber | Action |
---|---|---|
2014-05-20 | Senate | Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3188-31889) |
2014-05-20 | Senate | Sponsor introductory remarks on measure. (CR S3188-3189) |
Same As/Similar To
HB4679 (Related) 2014-05-20 - Referred to the House Committee on Ways and Means.
HB4985 (Related) 2014-06-26 - Referred to the House Committee on Ways and Means.
SB2489 (Related) 2014-06-18 - Read twice and referred to the Committee on Finance.
HB5338 (Related) 2014-07-31 - Referred to House Foreign Affairs
HB4985 (Related) 2014-06-26 - Referred to the House Committee on Ways and Means.
SB2489 (Related) 2014-06-18 - Read twice and referred to the Committee on Finance.
HB5338 (Related) 2014-07-31 - Referred to House Foreign Affairs
Subjects
Administrative law and regulatory procedures
Corporate finance and management
Department of the Treasury
Foreign and international corporations
Income tax rates
Taxation
Taxation of foreign income
Corporate finance and management
Department of the Treasury
Foreign and international corporations
Income tax rates
Taxation
Taxation of foreign income
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/113th-congress/senate-bill/2360/all-info |
Text | https://www.congress.gov/113/bills/s2360/BILLS-113s2360is.pdf |