CLOSE Act

The CLOSE Act, also known as Bill 117 hr 2302, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to address the issue of corporate tax loopholes and offshore tax havens that allow large corporations to avoid paying their fair share of taxes in the United States.

The CLOSE Act aims to close these loopholes by implementing several key provisions. First, the bill would require corporations to disclose more information about their offshore subsidiaries and the taxes they pay in foreign countries. This increased transparency would make it harder for corporations to hide their profits in offshore tax havens.

Additionally, the CLOSE Act would crack down on corporations that engage in profit shifting, a practice where companies artificially shift their profits to low-tax countries to avoid paying taxes in the US. The bill would establish new rules to prevent this type of tax avoidance and ensure that corporations pay taxes on the profits they earn in the United States. Overall, the CLOSE Act is designed to level the playing field for small businesses and ensure that all corporations pay their fair share of taxes. By closing corporate tax loopholes and cracking down on profit shifting, this bill aims to generate additional revenue for the US government and promote a more equitable tax system.