HR 7772
Tax Parity for U.S. Mutual Funds Act of 2020
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Tax Parity for U.S. Mutual Funds Act of 2020 creates a new category of investment company called an International Regulated Investment Company (IRIC). This legislation defines IRICs as corporations holding only stock in a specific type of regulated investment company and primarily owned by nonresident aliens. It establishes rules for how IRICs are taxed, potentially reducing the tax rate on income received from these companies to 15% for ‘treaty IRICs’ and 30% for others, and includes provisions for addressing potential failures to meet IRIC requirements and ensuring accurate shareholder certifications.
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Primary sponsor
Cosponsors
Bill, Jr. Pascrell
Kenny Marchant
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