What is the official ID of this bill?
The official print number for this legislation is HR 2254.
Corporate Tax Dodging Prevention Act: New Rules for International Businesses
This act aims to increase tax revenues from large corporations, especially those operating internationally. It modifies how foreign profits are taxed and limits opportunities for tax avoidance in the U.S. Citizens may experience an indirect impact through potentially increased government revenue, which could be allocated to public services.
Key points
Restoration of progressive corporate tax rates, meaning higher taxes for companies with larger incomes.
Equalization of tax rates on domestic and foreign income to make it harder to shift profits abroad.
Limitation on interest deductions for U.S. corporations that are part of international financial groups.
Changes to rules for companies that move their headquarters abroad to avoid U.S. taxes.
Strengthening rules for foreign corporations managed from the U.S., treating them as domestic for tax purposes.
Modifications to the Base Erosion and Anti-Abuse Tax (BEAT), expanding its scope and rate.
Limitations on tax treaty benefits for certain payments and income.
Repeal of the deduction for foreign-derived intangible income (FDII).
Status:
Expired
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