House Bill 7749
116th Congress(2019-2020)
To amend the Internal Revenue Code of 1986 to encourage the transfer of intangible property from controlled foreign corporations to United States shareholders.
Introduced
Introduced in House on Jul 23, 2020
Origin Chamber
House
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
7749
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.
No House votes have been held for this bill.
Summary
This bill excludes from gross income, for income tax purposes, gains from distributions of intangible property by controlled foreign corporations to U.S. domestic corporations. The bill defines intangible property to include patents, copyrights, licenses, formulas, computer software, and similar items with substantial value.
July 23, 2020
07/23/2020
Referred to the Subcommittee on Select Revenue Measures.
07/23/2020
Referred to the House Committee on Ways and Means.
07/23/2020
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:45:51 PM