Blocking New Corporate Tax Giveaways Act

Senate Bill 3280 - Blocking New Corporate Tax Giveaways Act: Overview, Status, and Impact

Hozzl · 2022-02-08T23:25:41Z

Explore the details of Senate Bill 3280 Blocking New Corporate Tax Giveaways Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

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.

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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

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 3280

Primary Policy Focus

Taxation

Potential Impact Areas

- Foreign and international corporations

- Securities

- Taxation of foreign income

Alternate Title(s) of Bill S 3280

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.