American Assistance for American Companies Act

Summary

American Assistance for American Companies Act This bill disallows certain tax benefits for inverted domestic corporations. An inverted domestic corporation is a U.S. corporation that acquires foreign entities to reincorporate in a foreign jurisdiction with income tax rates lower than U.S. rates). Specifically, an inverted domestic corporation may not claim net operating loss carrybacks, increased deductibility of business interest, nor participate in Federal Reserve Lending Facilities. The bill allows an inverted domestic corporation to elect to be treated as a domestic corporation for U.S. tax purposes.

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Timeline

1. 24 June 2020

   Introduced

   Read twice and referred to the Committee on Finance. (text: CR S3209-3210)

   Source: IntroReferral

2. 24 June 2020

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 24 June 2020 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 24 June 2020

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 24 June 2020

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 24 June 2020

  Open at official source

Sponsors

• Richard Durbin · D · Sponsor
• Tammy Duckworth · D · Sponsor
• Chris Van Hollen · D · Sponsor
• · ssfi00 · Standing

Related records

• related to ← American Assistance for American Companies Act