United States 116th Congress Status: Died 1 D cosponsors

HR 7309 — American Assistance for American Companies Act

Last action — Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, 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.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Disallows certain tax benefits for inverted domestic corporations. An inverted domestic corporation is a U.S. corporation that acquires foreign entities to reincorporate in a foreign jurisdiction with income tax rates lower than U.S. rates). Specifically, an inverted domestic corporation may not claim net operating loss carrybacks, increased deductibility of business interest, nor participate in Federal Reserve Lending Facilities. The bill allows an inverted domestic corporation to elect to be treated as a domestic corporation for U.S. tax purposes.

Bill Text

We don't have the full text on file for this bill yet.

Read HR 7309 on the official United States source →

Action History

  1. Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, 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.

  2. Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, 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.

  3. Introduced in House

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

Taxation Administrative law and regulatory procedures Corporate finance and management Department of the Treasury Federal Reserve System Foreign and international corporations Income tax rates Taxation of foreign income Government lending and loan guarantees Income tax deductions Interest, dividends, interest rates
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Frequently asked questions

What does HR 7309 do?
Disallows certain tax benefits for inverted domestic corporations. An inverted domestic corporation is a U.S. corporation that acquires foreign entities to reincorporate in a foreign jurisdiction with income tax rates lower than U.S. rates). Specifically, an inverted domestic corporation may not claim net operating loss carrybacks, increased deductibility of business interest, nor participate in Federal Reserve Lending Facilities. The bill allows an inverted domestic corporation to elect to be treated as a domestic corporation for U.S. tax purposes.
Who sponsors HR 7309?
HR 7309 is sponsored by Lloyd Doggett (D).
What is the current status of HR 7309?
This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 7309?
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Last checked for changes about 16 hours ago · updated continuously

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