What does International Competition for American Jobs Act do?

This bill aims to significantly reform the U.S. international tax system, with a focus on modifying rules related to foreign-derived intangible income (FDII), global intangible low-taxed income (GILTI), base erosion and anti-abuse tax (BEAT), and other provisions affecting multinational corporations. The legislation seeks to adjust the tax treatment of foreign income, revise foreign tax credit rules, modify the definition and treatment of intangible property, and make permanent certain temporary international tax provisions. Overall, the bill appears designed to address perceived issues with the current international tax regime, potentially aiming to increase tax revenue from multinational corporations while maintaining U.S. competitiveness.

S1605 U.S. Senate: International Competition for American…

Introduced

S. 1605

Introduced in Senate · May 20, 2025

May 6, 2025

Mr. Tillis introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to modify certain provisions relating to the taxation of international entities.

Transfers of intangible property to United States shareholders

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title, etc.

(a) Short title.—This Act may be cited as the. “International Competition for American Jobs Act”.

(b) .—Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986.

S.1605

S. 1605

S.1605

S. 1605