Corporate Inverters Earnings Stripping Reform Act of 2014

Summary

Corporate Inverters Earnings Stripping Reform Act of 2014 - Amends the Internal Revenue Code to impose limitations on the tax deduction for interest paid by corporations which are designated as applicable entities (i.e., members of an expanded affiliated group which includes a surrogate foreign corporation which is not treated as a domestic corporation). Prohibits such an entity from claiming a tax deduction for interest that exceeds 25% of its adjusted taxable income and from carrying forward interest which is paid or accrued during the first year in which such entity becomes an applicable entity. Requires an applicable entity to file an annual application for an approval agreement (i.e., a prefiling, advance pricing, or other agreement involving a related-party transaction) with the Internal Revenue Service (IRS) during the 10-year period after it becomes an applicable entity.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 10 September 2014

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 10 September 2014

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• Introduced in Senate

  summary · EN · 10 September 2014

  Open at official source

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