H.R.995

H. R. 995

February 5, 2025

Mr. Doggett (for himself, Ms. Adams, Ms. Ansari, Ms. Balint, Ms. Barragán, Mrs. Beatty, Mr. Bishop, Ms. Bonamici, Mr. Boyle of Pennsylvania, Ms. Brown, Ms. Brownley, Ms. Budzinski, Mr. Carson, Mr. Carter of Louisiana, Mr. Casar, Mr. Case, Ms. Chu, Ms. Clarke of New York, Mr. Cleaver, Mr. Cohen, Mr. Conaway, Ms. Crockett, Mr. Crow, Mr. Davis of Illinois, Mr. Davis of North Carolina, Ms. Dean of Pennsylvania, Mrs. McClain Delaney, Ms. DeLauro, Ms. DelBene, Mr. Deluzio, Mr. DeSaulnier, Ms. Dexter, Mrs. Dingell, Ms. Escobar, Mr. Espaillat, Mr. Evans of Pennsylvania, Ms. Leger Fernandez, Mr. Foster, Mrs. Foushee, Ms. Lois Frankel of Florida, Mr. Frost, Mr. Garamendi, Mr. García of Illinois, Mr. Garcia of California, Ms. Garcia of Texas, Mr. Golden of Maine, Mr. Goldman of New York, Mr. Gomez, Mr. Green of Texas, Mr. Grijalva, Mrs. Hayes, Mr. Horsford, Ms. Hoyle of Oregon, Mr. Huffman, Mr. Ivey, Mr. Jackson of Illinois, Ms. Jayapal, Mr. Johnson of Georgia, Ms. Kaptur, Ms. Kelly of Illinois, Mr. Kennedy of New York, Mr. Khanna, Mr. Landsman, Mr. Larson of Connecticut, Ms. Lee of Pennsylvania, Mr. Lieu, Mr. Lynch, Mr. Magaziner, Mrs. McBath, Ms. McBride, Ms. McCollum, Mr. McGarvey, Mr. McGovern, Mr. Meeks, Mr. Menendez, Ms. Meng, Mr. Mfume, Mr. Moulton, Mr. Mrvan, Mr. Nadler, Mr. Neguse, Mr. Norcross, Ms. Norton, Ms. Ocasio-Cortez, Ms. Omar, Mr. Pallone, Ms. Perez, Ms. Pingree, Mr. Pocan, Ms. Pressley, Mrs. Ramirez, Mr. Raskin, Mr. Riley of New York, Ms. Ross, Mr. Ryan, Ms. Salinas, Ms. Scanlon, Ms. Schakowsky, Mr. Sherman, Mr. Smith of Washington, Mr. Soto, Ms. Stansbury, Ms. Stevens, Mrs. Sykes, Mr. Takano, Mr. Thanedar, Mr. Thompson of Mississippi, Ms. Titus, Ms. Tlaib, Ms. Tokuda, Mr. Tonko, Mrs. Torres of California, Mrs. Trahan, Mr. Turner of Texas, Mr. Vargas, Ms. Velázquez, Ms. Wasserman Schultz, Ms. Waters, Mrs. Watson Coleman, Ms. Williams of Georgia, and Ms. Wilson of Florida) introduced the following bill; which was referred to the Committee on Ways and Means

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.

1. Short title, etc; 2. Current year inclusion of net CFC tested income; 3. Country-by-country application of limitation on foreign tax credit based on taxable units; 4. Limitation on deduction of interest by domestic corporations which are members of an international financial reporting group; 5. Modifications to rules relating to inverted corporations; 6. Treatment of foreign corporations managed and controlled in the United States as domestic corporations