HR 7749
To amend the Internal Revenue Code of 1986 to encourage the transfer of intangible property from controlled foreign corporations to United States shareholders.
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- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill aims to encourage U.S. shareholders to receive intangible property from their foreign subsidiaries by modifying how these distributions are taxed. Specifically, it reduces the tax implications when a controlled foreign corporation distributes intangible assets like patents, copyrights, or software to a U.S. company. The bill modifies existing tax rules to treat the value of these distributions as no more than the property’s original value, preventing U.S. shareholders from recognizing a taxable gain.
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Primary sponsor
Cosponsors
A. Drew, IV Ferguson
Ron Wright
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