A bill to amend the Internal Revenue Code of 1986 to deny qualified dividend income treatment to certain foreign dividends.

Summary

Amends the Internal Revenue Code to deny preferential tax rates (5 to 15%) for dividends paid by a foreign corporation if: (1) such dividends are allowed as a tax deduction or credit under the tax laws of the country in which such foreign corporation is established; (2) such foreign corporation is not treated as a corporation, is exempt from taxation, or is a passive foreign investment company under the laws of its foreign country; or (3) such dividends are paid with respect to an instrument which is not treated as stock under the tax laws of the foreign country from which such dividends are paid. Revises the definition of "qualified foreign corporation" for purposes of qualifying dividends paid by such a corporation for preferential tax rates to require such corporations be created or organized in a foreign country that has a comprehensive tax system (as determined by the Secretary of the Treasury).

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Timeline

1. 28 March 2007

   Introduced

   Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4053-4054)

   Source: IntroReferral

2. 28 March 2007

   Introduced

   Sponsor introductory remarks on measure. (CR S4053)

   Source: IntroReferral

3. 28 March 2007

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 28 March 2007 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 28 March 2007

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 28 March 2007

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 28 March 2007

  Open at official source

Sponsors

• Sen. Kerry, John F. [D-MA] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → To amend the Internal Revenue Code of 1986 to deny qualified dividend income treatment to certain foreign dividends.