Bill Sponsor
Senate Bill 4067
116th Congress(2019-2020)
American Assistance for American Companies Act
Introduced
Introduced
Introduced in Senate on Jun 24, 2020
Overview
Text
Introduced
Jun 24, 2020
Latest Action
Jun 24, 2020
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
4067
Congress
116
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
Sponsorship by Party
Democrat
Illinois
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
Summary

American Assistance for American Companies Act

This bill 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.
Text (1)
Actions (2)
06/24/2020
Read twice and referred to the Committee on Finance. (text: CR S3209-3210)
06/24/2020
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:46:09 PM