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Corporate Tax Dodging Prevention Act: Progressive Rates and Foreign Income Rules

This Act aims to increase tax revenues from large corporations, especially those operating internationally, by modifying corporate income tax rates, foreign income taxation rules, and interest deduction limitations. Citizens may experience an indirect impact through potentially increased public financial stability and reduced tax inequality, although direct consequences for individual taxpayers are minimal.
Key points
Restoration of progressive corporate income tax rates, meaning higher taxes for companies with larger incomes.
Equalization of tax rates on domestic and foreign income, making it harder to shift profits abroad.
Limitation on interest deductions for international financial reporting groups to prevent base erosion.
Stricter rules for corporations that move their headquarters abroad to avoid paying US taxes.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_HR_7933
Sponsor: Rep. Schakowsky, Janice D. [D-IL-9]
Process start date: 2024-04-10
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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

Corporate Tax Dodging Prevention Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7933.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-04-10.

What are the main provisions?

Key points include:

  • Restoration of progressive corporate income tax rates, meaning higher taxes for companies with larger incomes.
  • Equalization of tax rates on domestic and foreign income, making it harder to shift profits abroad.
  • Limitation on interest deductions for international financial reporting groups to prevent base erosion.
  • Stricter rules for corporations that move their headquarters abroad to avoid paying US taxes.
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 Rep. Schakowsky, Janice D. [D-IL-9].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Taxes Economy