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Blocking New Corporate Tax Giveaways Act
2/8/2022, 11:25 PM
Congressional Summary of S 3280
Blocking New Corporate Tax Giveaways Act
This bill modifies the global intangible low-taxed income (GILTI) regime to provide that high-taxed amounts are excluded from tested income for purposes of determining GILTI only if such amounts are initially treated as foreign base company income or insurance income.
Read the Full Bill
Current Status of Bill S 3280
Bill S 3280 is currently in the status of Bill Introduced since February 12, 2020. Bill S 3280 was introduced during Congress 116 and was introduced to the Senate on February 12, 2020. Bill S 3280's most recent activity was Read twice and referred to the Committee on Finance. as of February 12, 2020
Bipartisan Support of Bill S 3280
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
1Democrat Cosponsors
1Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 3280
Primary Policy Focus
TaxationPotential Impact Areas
- Foreign and international corporations
- Securities
- Taxation of foreign income
Alternate Title(s) of Bill S 3280
Blocking New Corporate Tax Giveaways Act
Blocking New Corporate Tax Giveaways Act
A bill to amend the Internal Revenue Code of 1986 to clarify that high-taxed amounts are excluded from tested income for purposes of determining global intangible low-taxed income only if such amounts would be foreign base company income or insurance income.
Comments
Sponsors and Cosponsors of S 3280
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