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.
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.
Referred to the House Committee on Ways and Means.
Referred to the Committee on Ways and Means, and in addition to the Committees on Oversight and Government Reform, House Administration, Rules, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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