United States · Bill · HR
H.R. 7309 (116th)
American Assistance for American Companies Act
Introduced
24 June 2020
Last action
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Status
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.
Sponsors
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Subjects
Discovery layer
Source updated
10 January 2026
Summary
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.
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Documents
3 official files
Introduced in House (text)
Introduced in House (text)
Introduced in House · EN · 24 June 2020
Introduced in House (PDF)
Introduced in House · EN · 24 June 2020
Introduced in House
summary · EN · 24 June 2020
Sponsors
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Sources
PoliticalRepo is an index and interpretation layer, not the authoritative legal source.
- Official source: https://www.congress.gov/bill/116th-congress/house-bill/7309
- Open data entity: https://api.congress.gov/v3/bill/116/hr/7309