S.1671 - Foreign Earnings Reinvestment Act

A bill to amend the Internal Revenue Code of 1986 to allow a temporary dividends received deduction for dividends received from a controlled foreign corporation. view all titles (2)

All Bill Titles

  • Official: A bill to amend the Internal Revenue Code of 1986 to allow a temporary dividends received deduction for dividends received from a controlled foreign corporation. as introduced.
  • Short: Foreign Earnings Reinvestment Act as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
10/06/11
 
 
 
 
 
 
 

Sponsor

Senator

Kay Hagan

D-NC

View Co-Sponsors (11)

Official Summary

Foreign Earnings Reinvestment Act - Amends the Internal Revenue Code to: (1) extend the election allowed to a domestic corporation to deduct current and accumulated dividends received from a controlled foreign corporation to the corporation's last taxable year beginning before the enac

Official Summary

Foreign Earnings Reinvestment Act - Amends the Internal Revenue Code to:
(1) extend the election allowed to a domestic corporation to deduct current and accumulated dividends received from a controlled foreign corporation to the corporation's last taxable year beginning before the enactment of this Act or the first taxable year which begins during the one-year period beginning on such enactment date,
(2) reduce tax rates on foreign earnings of domestic corporations that reinvest such earnings in the United States and that expand their payrolls over 2010 levels, and
(3) increase the taxable income of domestic corporations that fail to maintain employment levels in the 23-month period after receiving a reduction in tax rates under this Act.

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Organizations Supporting S.1671

  • Americans For Prosperity

Organizations Opposing S.1671

  • None via MapLight at this time.




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