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United States · Bill · HR

H.R. 737 (108th)

Corporate Patriot Enforcement Act of 2003

referredUnited States· United States Congress· EN

Introduced

12 February 2003

Last action

12 February 2003 · Introduced

Status

Referred to the House Committee on Ways and Means.

Sponsors

Richard Neal, Nancy Pelosi, Steny Hoyer, Sen. Menendez, Robert [D-NJ], Rep. Rangel, Charles B. [D-NY-19], Rep. Stark, Fortney Pete [D-CA-9], Rep. Matsui, Robert T. [D-CA-3], SANDER LEVIN, Rep. McDermott, Jim [D-WA-7], Rep. Kleczka, Gerald D. [D-WI-4], JOHN LEWIS, Rep. McNulty, Michael R. [D-NY-23], Rep. Jefferson, William J. [D-LA-2], Rep. Doggett, Lloyd [D-TX-37], Rep. Jones, Stephanie Tubbs [D-OH-11], Rep. Abercrombie, Neil [D-HI-1], Rep. Ackerman, Gary L. [D-NY-7], Rep. Allen, Thomas H. [D-ME-1], Rep. Baca, Joe [D-CA-43], Sen. Baldwin, Tammy [D-WI], Rep. Berkley, Shelley [D-NV-1], Rep. Berman, Howard L. [D-CA-26], Rep. Berry, Marion [D-AR-1], Rep. Bishop, Timothy H. [D-NY-1], Rep. Brown, Corrine [D-FL-5], Sen. Brown, Sherrod [D-OH], Rep. Capps, Lois [D-CA-24], MICHAEL CAPUANO, Rep. Cardoza, Dennis A. [D-CA-18], Rep. Carson, Julia [D-IN-7], WM. CLAY, JOHN CONYERS, Rep. Costello, Jerry F. [D-IL-21], JOSEPH CROWLEY, PETER DEFAZIO, Rep. Delahunt, Bill [D-MA-10], Rosa DeLauro, Rep. Deutsch, Peter [D-FL-20], Rep. Dingell, John D. [D-MI-16], ELIOT ENGEL, Rep. Evans, Lane [D-IL-17], Rep. Farr, Sam [D-CA-20], Rep. Filner, Bob [D-CA-51], Rep. Ford, Harold E., Jr. [D-TN-9], Rep. Frank, Barney [D-MA-4], Rep. Frost, Martin [D-TX-24], Rep. Gephardt, Richard A. [D-MO-3], Rep. Gordon, Bart [D-TN-6]

Subjects

Taxation

Source updated

18 August 2025

Taxation

Official sourceDownload fileView documentsShare

Summary

Corporate Patriot Enforcement Act of 2003 - Amends the Internal Revenue Code by determining that acquiring corporations in"corporate expatriation transactions" shall be considered domestic corporations. Defines a "corporate expatriation transaction" as, with certain exceptions, one in which a "nominally foreign corporation" acquires substantially all of the properties held by a domestic corporation and in which, immediately after the transaction, more than 80 percent of the stock of the acquiring corporation is held by former shareholders of the domestic corporation. Lowers the 80 percent threshold to 50 percent when the acquiring "nominally foreign corporation" lacks substantial business activities in the foreign country in which it was created and organized compared to the total activities of the "expanded affiliated group" and the stock is publicly traded, with the principal market of trading being the United States. Defines the terms "nominally foreign corporation" and "expanded affiliated group." Applies similar rules to partnership transactions. Establishes that a series of related transactions relevant to the Act shall be handled as a single transaction.

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

Timeline

  1. 12 February 2003

    Introduced

    Referred to the House Committee on Ways and Means.

    Source: IntroReferral

  2. 12 February 2003

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 12 February 2003

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in House (text)

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Sponsors

Showing 48 of 158 sponsors and actors.

Related records

Sources

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