American Assistance for American Companies Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Jun 24, 2020)
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.What just happenedJun 24, 2020
Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Who’s behind it
- Introduced in HouseJun 24, 2020
- Jun 24, 2020IntroReferralH11100
Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Financial Services Committee - Jun 24, 2020IntroReferralH11100
Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Ways and Means Committee - Jun 24, 2020IntroReferralIntro-H
Introduced in House
- Jun 24, 2020IntroReferral1000
Introduced in House