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A bill to amend the Internal Revenue Code of 1986 to modify the rules relating to inverted corporations.

6/5/2024, 10:56 AM

Summary of Bill S 4275

Bill 118 s 4275, also known as the "Inverted Corporations Act," aims to make changes to the Internal Revenue Code of 1986 in order to address issues related to inverted corporations. Inverted corporations are companies that undergo a corporate restructuring in order to establish a foreign parent company and reduce their tax liability in the United States.

The bill seeks to modify the rules surrounding inverted corporations in order to prevent these companies from taking advantage of tax loopholes and avoiding paying their fair share of taxes. By amending the Internal Revenue Code, the legislation aims to close these loopholes and ensure that inverted corporations are subject to the same tax regulations as domestic companies.

Overall, the purpose of Bill 118 s 4275 is to promote fairness and transparency in the tax system by preventing corporations from engaging in tax avoidance practices through inversion. The bill is an important step towards ensuring that all companies, regardless of their corporate structure, contribute their fair share to the US tax system.

Current Status of Bill S 4275

Bill S 4275 is currently in the status of Bill Introduced since May 7, 2024. Bill S 4275 was introduced during Congress 118 and was introduced to the Senate on May 7, 2024.  Bill S 4275's most recent activity was Read twice and referred to the Committee on Finance. (text: CR S3505) as of May 7, 2024

Bipartisan Support of Bill S 4275

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
20
Democrat Cosponsors
18
Republican Cosponsors
0
Unaffiliated Cosponsors
2

Policy Area and Potential Impact of Bill S 4275

Primary Policy Focus

Alternate Title(s) of Bill S 4275

A bill to amend the Internal Revenue Code of 1986 to modify the rules relating to inverted corporations.
A bill to amend the Internal Revenue Code of 1986 to modify the rules relating to inverted corporations.

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