Senate Bill 5349
117th Congress(2021-2022)
International Competition for American Jobs Act
Introduced
Introduced in Senate on Dec 21, 2022
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
5349
Congress
117
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 Senate votes have been held for this bill.
Summary
International Competition for American Jobs Act
This bill modifies provisions relating to the taxation of foreign entities.
Among other provisions, the bill
- makes permanent the look-thru rule for controlled foreign corporations (CFCs). (A look-thru rule provides that dividends, interest, rents and royalties that one CFC receives or accrues from a related CFC are not treated as foreign personal holding company income);
- modifies the tax deduction for foreign-derived intangible income and global intangible low-taxed income;
- modifies the base erosion minimum tax (10% minimum tax imposed to prevent corporations operating in the United States from avoiding tax liability by shifting profits out of the United States);
- modifies tax rules allocating certain tax deductions for purposes of the foreign tax credit limitation;
- restores the limitation on the attribution of stock ownership for purposes of applying constructive ownership rules; and
- includes specified amounts in the gross income of CFC shareholders.
December 21, 2022
12/21/2022
Read twice and referred to the Committee on Finance.
12/21/2022
Introduced in Senate
Public Record
Record Updated
May 10, 2023 3:45:22 AM