A bill to amend the Internal Revenue Code of 1986 to provide for current year inclusion of net CFC tested income, and for other purposes.

Bill 119 s 409, also known as the "Current Year Inclusion of Net CFC Tested Income Act," aims to make changes to the Internal Revenue Code of 1986. The main purpose of this bill is to require the current year inclusion of net Controlled Foreign Corporation (CFC) tested income for US shareholders.

Controlled Foreign Corporations are foreign corporations in which US shareholders own a significant amount of stock. Currently, US shareholders are not required to include their share of CFC tested income in their tax returns until it is repatriated to the United States. This bill seeks to change that by requiring US shareholders to include this income in their tax returns for the current year.

The bill also includes provisions for other purposes, although specific details on these purposes are not provided in the summary. Overall, the bill aims to address tax issues related to CFCs and ensure that US shareholders are accurately reporting their income from these foreign corporations.