Close Foreign Tax Loopholes: Make it in America Act of 2010

Summary

Close Foreign Tax Loopholes: Make it in America Act of 2010 - Amends the Internal Revenue Code, with respect to the taxation of foreign income and the foreign tax credit, to: (1) suspend the recognition of foreign tax credits until the related foreign income is taken into account for U.S. tax purposes; (2) deny a foreign tax credit for foreign income not subject to U.S. taxation due to a covered asset acquisition (defined as an acquisition that results in an increase in tax basis for U.S. tax purposes but not for foreign tax purposes); (3) apply a separate foreign tax credit limitation for each item of income that would be treated as derived from sources within the United States and that would be treated as arising from sources outside the United States under a treaty obligation (if the taxpayer chooses the benefits of such treaty); (4) limit the amount of foreign tax credits that may be claimed by a U.S. domestic corporation with respect to a deemed dividend paid by a foreign subsidiary; (5) prevent a reduction in earnings in profits of a foreign corporation in an acquisition if more than 50% of the dividends arising from such acquisition would not be subject to U.S. taxation or would be includible in the earnings and profits of a controlled foreign corporation; (6) treat a foreign corporation as a member of an affiliated group for interest allocation and apportionment purposes if more than 50% of its gross income is effectively connected with a U.S. trade or business and at least 80% of either the vote or value of its outstanding stock is owned directly or indirectly by members of the affiliated group; (7) repeal tax rules exempting foreign source income attributable to the active conduct of a foreign trade or business from withholding of tax requirements; (8) treat as income received in the United States amounts received from noncorporate residents or domestic corporations with respect to guarantees and amounts paid by any foreign person if such amounts are connected with income that is effectively connected with the conduct of a trade or business in the United States; and (9) provide that the statute of limitations for assessing any tax on certain foreign transactions shall apply only to items related to a failure to provide information to the Internal Revenue Service (IRS) due to reasonable cause and not willful neglect.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 20 July 2010

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 20 July 2010

   Introduced

   Introduced in House

   Source: IntroReferral

3. 20 July 2010

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 20 July 2010 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 20 July 2010

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 20 July 2010

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 20 July 2010

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Garamendi, John [D-CA-8] · D · Sponsor
• Rep. McDermott, Jim [D-WA-7] · D · Sponsor
• Rep. Napolitano, Grace F. [D-CA-32] · D · Sponsor
• Rep. DeFazio, Peter A. [D-OR-4] · D · Sponsor
• Rep. Hare, Phil [D-IL-17] · D · Sponsor
• Rep. Sutton, Betty [D-OH-13] · D · Sponsor
• Rep. Schauer, Mark H. [D-MI-7] · D · Sponsor
• Rep. Hinchey, Maurice D. [D-NY-22] · D · Sponsor
• Rep. Kaptur, Marcy [D-OH-9] · D · Sponsor
• Rep. Kagen, Steve [D-WI-8] · D · Sponsor
• Rep. Perlmutter, Ed [D-CO-7] · D · Sponsor
• Rep. Kilpatrick, Carolyn C. [D-MI-13] · D · Cosponsor
• Rep. Dingell, John D. [D-MI-12] · D · Cosponsor
• Rep. Pastor, Ed [D-AZ-4] · D · Cosponsor
• Rep. Fattah, Chaka [D-PA-2] · D · Cosponsor
• Rep. Pallone, Frank [D-NJ-6] · D · Cosponsor
• Sen. Heinrich, Martin [D-NM] · D · Cosponsor
• Rep. Stark, Fortney Pete [D-CA-13] · D · Cosponsor
• Sen. Baldwin, Tammy [D-WI] · D · Cosponsor
• · hswm00 · Standing

Related records

• related to ← Investing in American Jobs and Closing Tax Loopholes Act of 2010
• related to ← Small Business Tax Relief Act of 2010