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Closing Tax Loopholes for International Corporations

This act aims to tighten tax rules for U.S. companies operating abroad. The changes are designed to prevent tax avoidance through artificially repatriating income back to the U.S., potentially increasing government revenue. For most citizens not involved in international business, this act does not directly change daily life.
Key points
The act modifies how taxes on foreign income of companies are calculated to prevent tax avoidance.
It introduces new rules for income that is artificially "round-tripped" back to the U.S. to ensure proper taxation.
Small businesses with annual gross receipts under $100 million are exempt from these new, more complex rules.
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Status: Introduced
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Additional Information
Print number: 119_S_2021
Sponsor: Sen. Wyden, Ron [D-OR]
Process start date: 2025-06-11
System Note: Lustra is free, publicly auditable civic infrastructure — full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source—always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Close the Round-Tripping Loophole Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_2021.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-06-11.

What are the main provisions?

Key points include:

  • The act modifies how taxes on foreign income of companies are calculated to prevent tax avoidance.
  • It introduces new rules for income that is artificially "round-tripped" back to the U.S. to ensure proper taxation.
  • Small businesses with annual gross receipts under $100 million are exempt from these new, more complex rules.
What is the specific legal status?

The current status is Introduced.

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. Wyden, Ron [D-OR].

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 2025-12-23.

What is the impact of this bill?

We don't know—that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Taxes Economy