Prioritizing Reinvestment in Infrastructure and Military while Eliminating Debt Act of 2015
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (May 1, 2015)
Prioritizing Reinvestment in Infrastructure and Military while Eliminating Debt Act of 2015 or the PRIMED Act
This bill amends the Internal Revenue Code to allow corporate taxpayers to elect a tax deduction for cash dividends received from a controlled foreign corporation during the period beginning after the bill's enactment date and ending on December 31, 2016. The dividends received are subject to an effective tax rate of 5.25% when repatriated in the United States.
The bill divides tax revenues attributable to such repatriated earnings equally for: (1) federal debt reduction, (2) transfers to the Highway Trust Fund, and (3) adjustments to limitations on defense discretionary spending.
What just happenedMay 1, 2015
Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, 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 HouseMay 1, 2015
- May 1, 2015IntroReferralH11100
Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, 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.
Budget Committee - May 1, 2015IntroReferralH11100-A
Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, 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.
- May 1, 2015IntroReferralH11100
Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, 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 - May 1, 2015IntroReferralIntro-H
Introduced in House
- May 1, 2015IntroReferral1000
Introduced in House