S 1605
International Competition for American Jobs Act
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
The International Competition for American Jobs Act primarily modifies the Internal Revenue Code to adjust the taxation of international entities, particularly foreign corporations. It extends the ‘look-through’ rule for controlled foreign corporations, introduces deductions for foreign-derived intangible income and global intangible low-taxed income, and adjusts the application of the base erosion minimum tax. The bill also aims to streamline foreign tax credit rules and address issues related to ownership attribution and carryovers of losses. Finally, it eliminates certain inclusions of foreign income and modifies the treatment of dividends received by controlled foreign corporations.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Thomas Tillis
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yoursRead the latest version inline or switch to a previous version.