Search Results: keywords:"foreign corporations"

  • S. 4098 — To amend the Internal Revenue Code of 1986 to modify the treatment of foreign corporations, and for other purposes.
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    Status:Introduced in Senate
    Words:7,244

    The “Corporate Tax Dodging Prevention Act” aims to amend the Internal Revenue Code to adjust how taxes apply to foreign corporations and to ensure that foreign and domestic income are taxed equally. The bill proposes a progressive corporate tax rate, modifies rules for tax credits and...

    Simple Explanation

    The bill wants to make sure big companies from other countries pay taxes just like companies in the United States, by changing how much tax they pay based on their income and stopping certain old rules that let them pay less.

  • H. R. 8268 — To amend the Internal Revenue Code of 1986 to modify the rules relating to inverted corporations.
    Status:Introduced in House
    Words:1,332

    H.R. 8268, known as the “Stop Corporate Inversions Act of 2024,” aims to change how the U.S. tax code treats certain foreign corporations. It proposes that if a foreign corporation acquires a significant portion of a U.S. company's assets and meets specific conditions, it would be treated as...

    Simple Explanation

    The bill wants to make sure that if a company from another country buys a big part of an American company and does a lot of business in the U.S., it has to pay U.S. taxes just like an American company, to stop companies from avoiding paying taxes.

  • S. 4275 — To amend the Internal Revenue Code of 1986 to modify the rules relating to inverted corporations.
    Status:Introduced in Senate
    Words:1,347

    The bill S. 4275 aims to modify the Internal Revenue Code of 1986 to address the issue of "inverted corporations." An inverted corporation is a company that shifts its headquarters overseas to avoid paying U.S. taxes while still maintaining significant business operations in...

    Simple Explanation

    The bill S. 4275 wants to stop companies from pretending to be in another country just so they pay less in taxes while still doing a lot of work in the U.S. It says these companies should still be seen as American if they do a lot of work here or buy a lot of things from another U.S. company.

  • H. R. 10503 — To amend the Internal Revenue Code of 1986 to determine global intangible low-taxed income without regard to certain income derived from services performed in the Virgin Islands.
    Status:Introduced in House
    Words:627

    H.R. 10503, known as the "Restore Economic Vitality and Investment in the Virgin Islands Act" or "REVIVE VI Act," aims to amend the Internal Revenue Code of 1986. This amendment seeks to exclude certain income from global intangible low-taxed income calculations, specifically...

    Simple Explanation

    The REVIVE VI Act is a plan to change the tax rules so that money made by some companies for work done in the Virgin Islands doesn't count when figuring out how much low-taxed money they have. This change is for certain people and companies in the U.S. who have shares in those Virgin Islands companies.

  • H. R. 7933 — To amend the Internal Revenue Code of 1986 to modify the treatment of foreign corporations, and for other purposes.
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    Status:Introduced in House
    Words:7,242

    H.R. 7933, titled the “Corporate Tax Dodging Prevention Act,” aims to amend the Internal Revenue Code to ensure fair taxation for foreign corporations and enhance U.S. corporate tax policies. It proposes restoring progressive corporate tax rates, equalizing tax rates on domestic and foreign...

    Simple Explanation

    The Corporate Tax Dodging Prevention Act is a bill that wants to make sure big companies pay their fair share of taxes by changing some rules so they can't hide money in other countries to pay less. It also aims to make certain foreign companies pay like they are in the U.S. if they are managed from here.