Corporate Patriot Enforcement Act of 2003

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.

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Timeline

1. 12 February 2003

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 12 February 2003

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 12 February 2003 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 12 February 2003

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 12 February 2003

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 12 February 2003

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Reid, Harry [D-NV] · D · Sponsor
• Sen. Levin, Carl [D-MI] · D · Sponsor
• Sen. Durbin, Richard J. [D-IL] · D · Sponsor
• Sen. Kennedy, Edward M. [D-MA] · D · Sponsor
• Sen. Feingold, Russell D. [D-WI] · D · Cosponsor
• Sen. Feinstein, Dianne [D-CA] · D · Cosponsor
• Sen. Clinton, Hillary Rodham [D-NY] · D · Cosponsor
• Sen. Mikulski, Barbara A. [D-MD] · D · Cosponsor
• Sen. Kerry, John F. [D-MA] · D · Cosponsor
• Sen. Johnson, Tim [D-SD] · D · Cosponsor
• Sen. Wyden, Ron [D-OR] · D · Cosponsor
• Sen. Dodd, Christopher J. [D-CT] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Corporate Patriot Enforcement Act of 2003