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International Tax Changes: Supporting American Jobs and Business Competitiveness

This act modifies tax rules for international businesses to enhance the competitiveness of American companies and safeguard U.S. jobs. The changes aim to simplify certain provisions and adjust how foreign income is taxed for large corporations, potentially impacting their financial obligations.
Key points
Permanently extends the "look-thru" rule for controlled foreign corporations, simplifying tax calculations for some businesses.
Modifies deductions for foreign-derived intangible income and global intangible low-taxed income, potentially altering corporate tax burdens.
Revises rules for the base erosion minimum tax, introducing new exceptions for certain payments.
Establishes new rules for allocating deductions to foreign source global intangible low-taxed income, affecting foreign tax credit calculations.
Restores limitations on downward attribution of stock ownership, which may impact the definition of controlled foreign corporations.
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Expired
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Additional Information
Print number: 117_S_5349
Sponsor: Sen. Portman, Rob [R-OH]
Process start date: 2022-12-21
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

International Competition for American Jobs Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_5349.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-12-21.

What are the main provisions?

Key points include:

  • Permanently extends the "look-thru" rule for controlled foreign corporations, simplifying tax calculations for some businesses.
  • Modifies deductions for foreign-derived intangible income and global intangible low-taxed income, potentially altering corporate tax burdens.
  • Revises rules for the base erosion minimum tax, introducing new exceptions for certain payments.
  • Establishes new rules for allocating deductions to foreign source global intangible low-taxed income, affecting foreign tax credit calculations.
  • Restores limitations on downward attribution of stock ownership, which may impact the definition of controlled foreign corporations.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Portman, Rob [R-OH].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Economy