American Business Competitiveness Act of 2015

Summary

American Business Competitiveness Act of 2015 This bill amends the Internal Revenue Code to: reduce the tax rate on the net business income of individual and corporate taxpayers to a maximum 25%; allow full expensing of deductible investment expenses in the current taxable year; redefine "net business income" to allow the deduction of the cost of business purchases; convert to a territorial system for taxing overseas income; apply the same tax rate to interest income of individuals that is applicable to dividends and capital gains income; and allow a five-year carryback of net operating losses and an indefinite carryforward of such losses.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 13 January 2016

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• Introduced in House (PDF)

  Introduced in House · EN · 13 January 2016

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• Introduced in House

  summary · EN · 13 January 2016

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