To discourage domestic corporations from establishing foreign manufacturing subsidiaries in order to avoid Federal taxes by including in gross income of United States shareholders in foreign corporations the retained earnings of any such subsidiary which are attributable to manufacturing operations in runaway plants or tax havens.
Foreign Subsidiary Tax Equity Act - Amends the Internal Revenue Code to include as taxable income of U.S. shareholders in controlled foreign corporations the foreign base company manufacturing related income attributable to manufacturing operations in a tax holiday (tax haven) plant or in a runaway plant.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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