jiayi-li23/proxann_data huggingface dataset:
Topic: Domestic Commerce — Corporate Management
Subject: Taxation
Date: 2014-09-10 00:00:00

Corporate Inverters Earnings Stripping Reform Act of 2014 - Amends the Internal Revenue Code to impose limitations on the tax deduction for interest paid by corporations which are designated as applicable entities (i.e., members of an expanded affiliated group which includes a surrogate foreign corporation which is not treated as a domestic corporation). Prohibits such an entity from claiming a tax deduction for interest that exceeds 25% of its adjusted taxable income and from carrying forward interest which is paid or accrued during the first year in which such entity becomes an applicable entity.

Requires an applicable entity to file an annual application for an approval agreement (i.e., a prefiling, advance pricing, or other agreement involving a related-party transaction) with the Internal Revenue Service (IRS) during the 10-year period after it becomes an applicable entity.
Topic: Domestic Commerce — Corporate Management
Subject: Taxation
Date: 2014-09-18 00:00:00

Pay What You Owe Before You Go Act - Amends the Internal Revenue Code to require the recapture in subpart F income (i.e., income of a controlled foreign corporation earned outside the United States which is not tax deferred) the accumulated deferred foreign income of such corporation (i.e., the undistributed earnings of the controlled foreign corporation over its undistributed U.S. earnings) for its last taxable year.
Topic: Domestic Commerce — Corporate Management
Subject: Taxation
Date: 2014-12-16 00:00:00

Partnership Auditing Fairness Act - Amends the Internal Revenue Code to revise rules for audits of large for-profit partnerships (partnerships with more than 100 partners). Repeals existing audit rules under Chapter 1 and Chapter 63 of the Internal Revenue Code. Allows partnerships with 100 or fewer partners to elect not to be covered by this provisions of this Act.

Provides that items of partnership income, gain, loss, deductions, or credits shall be determined at the partnership level, instead of for each individual partner. Makes adjustments to partnership taxes applicable in the tax year in which such adjustments are finalized.

Sets forth new procedures for notifying a partnership of an audit or an adjustment of partnership taxes. Requires partnerships to participate in an audit through a designated partnership representative.

Allows partnerships to include audit adjustments on tax returns for the year in which such adjustments are finalized. Provides for the collection of additional taxes resulting from an audit and tax penalties from the partnership, instead of from individual partners. 

Permits partnerships to request judicial review of audit adjustments by filing a petition with the Tax Court, a district court, or the Court of Claims. Grants such courts jurisdiction to determine all items of income, gain, loss, deduction, or credit of the partnership. Establishes a three-year limitation period for making adjustments to partnership tax returns.
Topic: Domestic Commerce — Corporate Management
Subject: Finance and financial sector
Date: 2015-01-06 00:00:00

Preventing Termination of Utility Services in Bankruptcy Act of 2015

Amends federal bankruptcy law, with respect to the prohibition against disruption of utility services to a debtor, to declare that an individual debtor may not be required to furnish assurance of payment if he or she pays, within 20 days after the date of the order for relief, those debts owed to a utility for service during that period, and afterward also pays when due debts owed for service during the pendency of the case in bankruptcy.
Topic: Domestic Commerce — Corporate Management
Subject: Taxation
Date: 2015-01-20 00:00:00

Stop Corporate Inversions Act of 2015

Amends the Internal Revenue Code to revise rules for the taxation of inverted corporations (i.e., U.S. corporations that acquire foreign companies to reincorporate in a foreign jurisdiction with income tax rates lower than the United States) to provide that a foreign corporation that acquires the properties of a U.S. corporation or partnership after May 8, 2014, shall be treated as an inverted corporation and thus subject to U.S. taxation if, after such acquisition: (1) it holds more than 50% of the stock of the new entity (expanded affiliated group), or (2) the management or control of the new entity occurs primarily within the United States and the new entity has significant domestic business activities.
Topic: Domestic Commerce — Corporate Management
Subject: Health
Date: 2015-01-22 00:00:00

Competitive Health Insurance Reform Act of 2015

Amends the McCarran-Ferguson Act to declare that nothing in that Act modifies, impairs, or supersedes the operation of antitrust laws with respect to the business of health insurance, including the business of dental insurance.

Applies prohibitions against using unfair methods of competition to the business of health insurance without regard to whether the business is for profit.
Topic: Domestic Commerce — Corporate Management
Subject: Taxation
Date: 2015-01-30 00:00:00

Permanent S Corporation Built-in Gain Recognition Period Act of 2015

(Sec. 2) Amends the Internal Revenue Code to reduce from 10 years to 5 years the period during which the built-in gains of an S corporation are subject to tax and to make such reduction permanent.
Topic: Domestic Commerce — Corporate Management
Subject: Taxation
Date: 2015-01-30 00:00:00

Permanent S Corporation Charitable Contribution Act of 2015

(Sec. 2) This bill amends the Internal Revenue Code to make permanent the tax rule that reduces the basis of the stock of an S corporation shareholder by the adjusted basis (rather than fair market value) of any charitable contribution made by the S corporation.
Topic: Domestic Commerce — Corporate Management
Subject: Finance and financial sector
Date: 2015-02-26 00:00:00

Investor Choice Act of 2015

Amends the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940 to revise the authority of the Securities and Exchange Commission to prohibit, or impose conditions or limitations on the use of, agreements that require customers or clients of any broker, dealer, or municipal securities dealer to arbitrate any future dispute between them arising under the federal securities laws, related rules and regulations, or the rules of a self-regulatory organization if it finds that prohibition, imposition of conditions, or limitations are in the public interest and for the protection of investors.

Declares unlawful for a broker, dealer, funding portal, or municipal securities dealer (entities) to enter into, modify, or extend an agreement with customers or clients governing a future dispute between the parties that would mandate arbitration.

Declares likewise unlawful acts by such entities that would restrict, limit, or condition the ability of a customer or client to: (1) select or designate a forum for dispute resolution, or (2) pursue a claim relating to a dispute in an individual or representative capacity or on a class action or consolidated basis.
Topic: Domestic Commerce — Corporate Management
Subject: Taxation
Date: 2015-03-04 00:00:00

Income Equity Act of 2015

Amends the Internal Revenue Code to: (1) deny employers a tax deduction for payments of excessive compensation to any full-time employee (i.e., compensation for services exceeding the greater of 25 times the median compensation paid to full-time employees during such taxable year or $500,000); and (2) require such employers to file a report with the Secretary of the Treasury on excessive compensation (as defined by this Act) paid to their employees. Defines "compensation" to include wages, salary, deferred compensation, retirement contributions, options, bonuses, property, and any other form of compensation that the Secretary determines is appropriate.
Topic: Domestic Commerce — Corporate Management
Subject: Government operations and politics
Date: 2015-04-29 00:00:00

Federal Employees Sustainable Investment Act 

 Establishes the Corporate Responsibility Stock Index Fund as an investment option under the Thrift Savings Fund. Directs the Federal Retirement Thrift Investment Board to select a minimum of one index for such Fund comprised of stocks that have been analyzed and selected using basic criteria, including corporate governance, environmental practices, workplace relations and benefits, product safety and impact, international operations and human rights, involvement with repressive regimes, and community relations.
Topic: Domestic Commerce — Corporate Management
Subject: Health
Date: 2015-05-20 00:00:00

Health Insurance Industry Fair Competition Act

Amends the McCarran-Ferguson Act to declare that nothing in that Act modifies, impairs, or supersedes the operation of antitrust laws with respect to the business of health insurance.

Applies prohibitions against using unfair methods of competition to the business of health insurance without regard to whether the business is for profit.
Topic: Domestic Commerce — Corporate Management
Subject: Commerce
Date: 2015-06-12 00:00:00

(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.)

Standard Merger and Acquisition Reviews Through Equal Rules Act of 2015

(Sec. 2) This bill amends the Clayton Act with respect to notice to a state by the Department of Justice (DOJ) about federal actions brought for violations of antitrust laws. Currently DOJ must:

 notify a state attorney general about an antitrust action regarding which DOJ has reason to believe that the state attorney general would also be entitled to bring an action based substantially on the same alleged violation of the antitrust laws; and upon request make available to the state attorney general, to the extent permitted by law, any investigative files or other materials which are or may be relevant or material to the actual or potential cause of action. The Federal Trade Commission (FTC) shall exercise the same authority and procedures as DOJ under the Clayton Act if the FTC has brought an action under Section 7 of the same Act with respect to the prohibition against acquisition by one corporation of the stock of another (merger) that may substantially lessen competition or tend to create a monopoly.

Also in cases brought by the FTC that result in final judgments against a defendant, those judgments shall be prima facie evidence of antitrust violations under substantially similar facts in actions brought by other parties.

The statute of limitations shall be tolled during a proceeding brought by the FTC under Section 7, and for one year thereafter, for any private and state rights of action based on the conduct in question during the proceeding.

The FTC shall enforce compliance with section 7 in the same manner as DOJ in acting to prevent or restrain antitrust violations. The FTC shall enforce a consent order, however, in the same manner it does already. (Sec. 3) The Federal Trade Commission Act (FTCA) is amended to exclude proposed mergers, acquisitions, joint ventures, or similar transactions from ordinary FTC proceedings, except in cases where the FTC approves an agreement with the parties to the transaction that contains a consent order.

U.S. district courts shall have jurisdiction to issue writs of mandamus commanding compliance with the FTCA or any FTC order, if the FTC applies to such courts with respect to any activity related to consummation of a merger, acquisition, joint venture, or similar transaction that may result in an unfair method of competition.
Topic: Domestic Commerce — Corporate Management
Subject: Taxation
Date: 2015-11-16 00:00:00

This bill amends the Internal Revenue Code to extend the period in which a corporation may carryover excess contributions for purposes of the tax deduction for charitable contributions from 5 to 20 succeeding taxable years.
Topic: Domestic Commerce — Corporate Management
Subject: Taxation
Date: 2016-04-27 00:00:00

Main Street Fairness Act 

This bill amends the Internal Revenue Code to prevent qualified business income attributed to individuals from being taxed at a higher rate than corporate income.

(Under current law, business income attributed to individuals is taxed using individual income tax rates rather than the corporate tax rate.)

Qualified business income is all items of income, deduction, loss, or credit properly attributable to the taxpayer from the active conduct of a trade or business, including:

 a partnership in which the taxpayer holds a capital or profits interest; an S corporation in which the taxpayer is a shareholder; a sole proprietorship or an entity otherwise disregarded as separate from its sole owner, in which the taxpayer is the sole owner; and a trust or estate in which the taxpayer is a beneficiary. Qualified business income does not include any item taken into account in determining net capital gain or the financial services income of partnerships.
Topic: Domestic Commerce — Corporate Management
Subject: Taxation
Date: 2016-04-29 00:00:00

Corporate EXpatriates and Inverters Tax Fairness Act or the Corporate EXIT Fairness Act 

This bill amends the Internal Revenue Code to set forth rules governing corporate inversions (i.e., the practice of relocating a domestic corporation's legal domicile to a lower-tax nation while retaining its business activities in the higher-tax country of origin) and corporate expatriations. Specifically, the bill requires payment of tax on the deferred overseas profits of U.S. multinational corporations or partnerships before they reincorporate or organize in a foreign country. Additionally, any stock of a controlled foreign corporation in connection with a corporate expatriation would be treated as sold for its fair market value as of the date of expatriation and be subject to U.S. taxation.

The bill expands the definitions of "corporate inversion" and "corporate expatriation" and revises rules relating to the taxation of inverted corporations. A foreign corporation that acquires the assets of a U.S. corporation or partnership after April 29, 2016, shall be treated as an inverted corporation and thus subject to U.S. taxation if, after such acquisition: (1) the expanded affiliated group which includes the foreign corporation does not have substantial business activities in the foreign country in which the corporation is created or organized, when compared to the total business activities of such expanded affiliated group; and (2) more than 50% of the foreign corporation is held by former shareholders or partners of the domestic corporation or partnership, or the management or control of the expanded affiliated group occurs primarily within the United States, and such expanded affiliated group has significant domestic business activities.
Topic: Domestic Commerce — Corporate Management
Subject: Taxation
Date: 2016-05-17 00:00:00

Protecting the U.S. Corporate Tax Base Act of 2016 

This bill amends the Internal Revenue Code to revise the rules for taxing the earnings and determining the stock ownership of certain controlled foreign corporations (CFCs).

The bill provides that, in the case of certain CFCs, subpart F income (income of a CFC earned outside the United States that is not tax deferred) includes a U.S. shareholder's pro rata share of any increase in the CFC's investment of earnings in certain foreign property.

The bill also revises the rules for determining stock ownership to prohibit a CFC from transferring stock to a foreign affiliate to reduce the portion of stock owned by U.S. shareholders below the level required to be considered a CFC.
Topic: Domestic Commerce — Corporate Management
Subject: Taxation
Date: 2016-06-21 00:00:00

Preserving Investment in Needy Neighborhoods Act

This bill amends the Internal Revenue Code to: (1) exclude from gross income contributions to the capital of a partnership, and (2) set forth rules for determining the basis of property and money contributed to the capital of a partnership.
Topic: Domestic Commerce — Corporate Management
Subject: Taxation
Date: 2016-07-13 00:00:00

S Corporation Modernization Act of 2016 

This bill amends the Internal Revenue Code, with respect to the tax treatment of S corporations, to:

 allow a nonresident alien to be a qualifying beneficiary of an electing small business trust (ESBT), which is a type of trust that is permitted to hold shares in an S corporation; allow S corporations to increase passive investment income from 25% to 60% without incurring additional taxes; eliminate a provision terminating the S corporation status of corporations with excessive passive income for three consecutive years; allow any S corporation bank to have individual retirement account shareholders; allow ESBTs to claim expanded tax deductions for charitable contributions; and allow an adjustment to the basis of an S corporation's assets upon the death of a shareholder, in the form of a 15-year amortization deduction.
Topic: Domestic Commerce — Corporate Management
Subject: Taxation
Date: 2016-09-28 00:00:00

CEO Accountability and Responsibility Act

 This bill amends the Internal Revenue Code to: (1) increase the corporate income tax rate for publicly traded corporations that pay their chief executive officers or highest paid employees more than 100 times the median compensation of all their U.S. employees, and (2) decrease the rate for publicly traded corporations that pay their chief executive officers or highest paid employees less than 50 times the median compensation of all their U.S. employees.
Topic: Domestic Commerce — Corporate Management
Subject: Finance and financial sector
Date: 2016-09-28 00:00:00

PCAOB Enforcement Transparency Act of 2016

 This bill amends the Sarbanes-Oxley Act of 2002 to make Public Company Accounting Oversight Board disciplinary proceedings public unless the Board, on its own motion or after considering the motion of a party, orders otherwise.
Topic: Domestic Commerce — Corporate Management
Subject: Taxation
Date: 2015-02-09 00:00:00

Government Settlement Transparency and Reform Act 

 Amends the Internal Revenue Code to expand provisions relating to the nondeductibility of fines and penalties to prohibit a tax deduction for any amount paid or incurred to any governmental entity relating to the violation of any law or the investigation or inquiry into a potential violation of law. Exempts from such prohibition: (1) restitution or amounts paid to come into compliance with any law that was violated or otherwise involved in the investigation or inquiry, (2) amounts paid pursuant to a court order in a suit in which the governmental entity was not a party, and (3) amounts paid or incurred as taxes due. Imposes new reporting requirements on governmental entities relating to amounts paid as fines or for restitution.
Topic: Domestic Commerce — Corporate Management
Subject: Finance and financial sector
Date: 2015-04-23 00:00:00

PCAOB Enforcement Transparency Act of 2015

 Amends the Sarbanes-Oxley Act of 2002 to make Public Company Accounting Oversight Board disciplinary proceedings public unless the Board, on its own motion or after considering the motion of a party, orders otherwise.
Topic: Domestic Commerce — Corporate Management
Subject: Commerce
Date: 2015-06-17 00:00:00

(This measure has not been amended since it was reported to the Senate on July 16, 2015. The summary of that version is repeated here.)

Criminal Antitrust Anti-Retaliation Act of 2015

(Sec. 2) This bill amends the Antitrust Criminal Penalty Enhancement and Reform Act of 2004 to prohibit an employer from discharging, demoting, suspending, harassing, or in any other manner discriminating against an employee, contractor, subcontractor, or agent of such employer (covered individual) who by a lawful act: (1) provided information to the employer or a federal regulatory or law enforcement agency, or any Member of Congress or congressional committee concerning a violation of antitrust law or of another criminal law committed in conjunction with a potential violation of antitrust law or in conjunction with an antitrust investigation by the Department of Justice; or (2) filed or caused to be filed, testified, participated, or otherwise assisted in a federal investigation or proceeding relating to such a violation. This protection does not extend, however, to any covered individual who planned and initiated such a violation or an obstruction to its investigation.

A violation with respect to the antitrust laws shall not be construed to include a civil violation of any law that is not also a criminal violation.

A covered individual who alleges discharge or other discrimination by an employer in violation of such prohibition is authorized to seek relief: (1) by filing a complaint with the Department of Labor; or (2) if Labor has not issued a final decision within 180 days of such filing, by bringing an action at law or equity in the appropriate U.S. district court. A covered individual who prevails in any such action is entitled to all relief necessary to make the individual whole, including reinstatement with the same status, back pay plus interest, and compensation for special damages sustained.
Topic: Domestic Commerce — Corporate Management
Subject: Commerce
Date: 2015-09-30 00:00:00

Standard Merger and Acquisition Reviews Through Equal Rules Act of 2015

This bill amends the Clayton Act with respect to actions brought by the Attorney General for violations of antitrust laws. The Federal Trade Commission (FTC) is required, but only under the Clayton Act, to exercise the same authority and procedures of the Attorney General specified in the Act with respect to the prohibition against acquisition by one corporation of the stock of another (merger) that may substantially lessen competition or tend to create a monopoly.

The Federal Trade Commission Act (FTCA) is amended to exclude proposed mergers, acquisitions, joint ventures, or similar transactions from FTC proceedings, except in cases where the FTC approves an agreement with the parties to the transaction that contains a consent order.

Jurisdiction is granted to the U.S. district courts to issue writs of mandamus commanding compliance with the FTCA or any FTC order, if the FTC applies to such courts with respect to any activity related to consummation of a merger, acquisition, joint venture, or similar transaction that results in an unfair method of competition.