US Congress Senate Bill 4067 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 3-0)
Status: Introduced on June 24 2020 - 25% progression, died in committee
Action: 2020-06-24 - Read twice and referred to the Committee on Finance. (text: CR S3209-3210)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Disallows certain tax benefits for inverted domestic corporations. An inverted domestic corporation is a U.S. corporation that acquires foreign entities to reincorporate in a foreign jurisdiction with income tax rates lower than U.S. rates). Specifically, an inverted domestic corporation may not claim net operating loss carrybacks, increased deductibility of business interest, nor participate in Federal Reserve Lending Facilities. The bill allows an inverted domestic corporation to elect to be treated as a domestic corporation for U.S. tax purposes.

American Assistance for American Companies Act

Sen. Richard Durbin [D-IL]

Sen. Tammy Duckworth [D-IL]

Sen. Chris Van Hollen [D-MD]

Date	Chamber	Action
2020-06-24	Senate	Read twice and referred to the Committee on Finance. (text: CR S3209-3210)

HB7309 (Same As) 2020-06-24 - Referred to the Committee on Ways and Means, and in addition to the Committee on 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.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/senate-bill/4067/all-info
Text	https://www.congress.gov/116/bills/s4067/BILLS-116s4067is.pdf