To amend the Internal Revenue Code of 1986 to encourage the transfer of intangible property from controlled foreign corporations to United States shareholders.

Summary

This bill excludes from gross income, for income tax purposes, gains from distributions of intangible property by controlled foreign corporations to U.S. domestic corporations. The bill defines intangible property to include patents, copyrights, licenses, formulas, computer software, and similar items with substantial value.

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

Timeline

1. 23 July 2020

   Referred

   Referred to the Subcommittee on Select Revenue Measures.

   Source: Committee

2. 23 July 2020

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

3. 23 July 2020

   Introduced

   Introduced in House

   Source: IntroReferral

4. 23 July 2020

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 23 July 2020 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 23 July 2020

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 23 July 2020

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 23 July 2020

  Open at official source

Sponsors

• Darin LaHood · R · Sponsor
• A. Ferguson · R · Sponsor
• Robert Wittman · R · Cosponsor
• Ron Wright · R · Cosponsor
• Kevin Hern · R · Cosponsor
• · hswm00 · Standing

Related records

• related to → To amend the Internal Revenue Code of 1986 to encourage the transfer of intangible property from controlled foreign corporations to United States shareholders.