SEC. 3. TERMINATION OF DEFERRAL OF ACTIVE INCOME 
OF CONTROLLED FOREIGN CORPORATIONS. 
(a) IN GENERAL.—Section 952 of the Internal Rev-
enue Code of 1986 is amended by adding at the end the 
following new subsection: 
‘‘(e) SPECIAL APPLICATION OF SUBPART.— 
‘‘(1) IN GENERAL.—For taxable years begin-
ning after December 31, 2017, notwithstanding any 
other provision of this subpart, the term ‘subpart F 
income’ means, in the case of any controlled foreign 
corporation, the income of such corporation derived 
from any foreign country. 
‘‘(2) APPLICABLE RULES.—Rules similar to the 
rules under the last sentence of subsection (a) and 
subsection (d) shall apply to this subsection.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall apply to taxable years beginning after 
December 31, 2017. 
SEC. 4. REQUIREMENT TO DISCLOSE TOTAL CORPORATE 
TAXES PAID. 
(a) IN GENERAL.—Section 13 of the Securities Ex-
change Act of 1934 (15 U.S.C. 78m) is amended by add-
ing at the end the following new subsection: 
‘‘(s) DISCLOSURE
OF TOTAL CORPORATE TAXES 
PAID.— 
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‘‘(1) ISSUER
DISCLOSURE
REQUIREMENT.— 
Each issuer required to file an annual or quarterly 
report under subsection (a) shall disclose in that re-
port— 
‘‘(A) the total pre-tax profit of the issuer 
during the period covered by the report; 
‘‘(B) the total amount paid by the issuer 
in State taxes during the period covered by the 
report; 
‘‘(C) the total amount paid by the issuer in 
Federal taxes during the period covered by the 
report; and 
‘‘(D) the total amount paid by the issuer 
in foreign taxes during the period covered by 
the report. 
‘‘(2) DISCLOSURE
OF
COUNTRY-BY-COUNTRY 
REPORTING INFORMATION.—Each issuer required to 
file an annual or quarterly report under subsection 
(a) shall disclose in that report, for each of its sub-
sidiaries and aggregated on a country-by-country 
basis— 
‘‘(A) revenues generated from transactions 
with other constituent entities; 
‘‘(B) revenues not generated from trans-
actions with other constituent entities; 
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‘‘(C) profit or loss before income tax; 
‘‘(D) total income tax paid on a cash basis 
to all tax jurisdictions, and any taxes withheld 
on payments received by the constituent enti-
ties; 
‘‘(E) total accrued tax expense recorded on 
taxable profits or losses, reflecting only oper-
ations in the relevant annual period and exclud-
ing deferred taxes or provisions for uncertain 
tax liabilities; 
‘‘(F) stated capital, except that the stated 
capital of a permanent establishment must be 
reported in the tax jurisdiction of residence of 
the legal entity of which it is a permanent es-
tablishment unless there is a defined capital re-
quirement in the permanent establishment tax 
jurisdiction for regulatory purposes; 
‘‘(G) total accumulated earnings, except 
that accumulated earnings of a permanent es-
tablishment must be reported by the legal entity 
of which it is a permanent establishment; 
‘‘(H) total number of employees on a full- 
time equivalent basis; and 
‘‘(I) net book value of tangible assets, 
which, for purposes of this section, does not in-
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clude cash or cash equivalents, intangibles, or 
financial assets. 
‘‘(3) AVAILABILITY
OF
INFORMATION.—The 
Commission shall make the information filed with 
the Commission pursuant to this subsection publicly 
available through the Commission website in a man-
ner that is searchable, sortable, and downloadable.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to disclosures made after the date 
of the enactment of this Act. 
Æ 
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