Permanent CFC Look-Through Act of 2014

Bill: 113-hr-4464
Sponsor: full_name: Rep. Boustany, Charles W., Jr. [R-LA-3]
Introduced: 2014-04-10
Policy area: Taxation
Subjects: Foreign and international corporations

Income tax deferral

Taxation of foreign income

U.S. and foreign investments
Latest action: action_date: 2014-05-02
text: Placed on the Union Calendar, Calendar No. 316.

Summaries:
action_date: 2014-04-10
action_desc: Introduced in House
text: <p>Amends the Internal Revenue Code to make permanent the tax rule exempting dividends, interest, rents, and royalties received or accrued from certain controlled foreign corporations by a related entity from treatment as foreign holding company income (thus permitting tax deferral of such income).</p>

action_date: 2014-05-02
action_desc: Reported to House with amendment(s)
text: <p>Permanent CFC Look-Through Act of 2014 - Amends the Internal Revenue Code to make permanent the tax rule exempting dividends, interest, rents, and royalties received or accrued from certain controlled foreign corporations by a related entity from treatment as foreign holding company income (thus permitting tax deferral of such income).</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4464 IN THE HOUSE OF REPRESENTATIVES April 10, 2014 Mr. Boustany (for himself, Mr. Kind , Mr. Reed , Mr. Schock , Ms. Jenkins , Mr. Tiberi , Mr. Pascrell , Mr. Larson of Connecticut , Mr. Young of Indiana , Mr. Matheson , and Mr. Crowley ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to make permanent the look-through treatment of payments between related controlled foreign corporations.

1. Look-through treatment of payments between related controlled foreign corporations made permanent (a) In general Paragraph (6) of section 954(c) of the Internal Revenue Code of 1986 is amended by striking subparagraph (C). (b) Effective date The amendment made by this section shall apply to taxable years of foreign corporations beginning after December 31, 2013, and to taxable years of United States shareholders with or within which such taxable years of foreign corporations end.

tv_txt: IB Union Calendar No. 316 113th CONGRESS 2d Session H. R. 4464 [Report No. 113–428] IN THE HOUSE OF REPRESENTATIVES April 10, 2014 Mr. Boustany (for himself, Mr. Kind , Mr. Reed , Mr. Schock , Ms. Jenkins , Mr. Tiberi , Mr. Pascrell , Mr. Larson of Connecticut , Mr. Young of Indiana , Mr. Matheson , and Mr. Crowley ) introduced the following bill; which was referred to the Committee on Ways and Means May 2, 2014 Additional sponsor: Ms. Linda T. Sánchez of California May 2, 2014 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic A BILL To amend the Internal Revenue Code of 1986 to make permanent the look-through treatment of payments between related controlled foreign corporations.

1. Look-through treatment of payments between related controlled foreign corporations made permanent (a) In general Paragraph (6) of section 954(c) of the Internal Revenue Code of 1986 is amended by striking subparagraph (C). (b) Effective date The amendment made by this section shall apply to taxable years of foreign corporations beginning after December 31, 2013, and to taxable years of United States shareholders with or within which such taxable years of foreign corporations end.

1. Short title This Act may be cited as the Permanent CFC Look-Through Act of 2014 . 2. Look-through treatment of payments between related controlled foreign corporations made permanent (a) In general Paragraph (6) of section 954(c) of the Internal Revenue Code of 1986 is amended by striking subparagraph (C). (b) Effective date The amendment made by this section shall apply to taxable years of foreign corporations beginning after December 31, 2013, and to taxable years of United States shareholders with or within which such taxable years of foreign corporations end.

May 2, 2014 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed