legislation: 109-s-3777

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
109-s-3777 109 s 3777 Export Products Not Jobs Act Taxation 2006-08-02 2006-08-02 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S8622-8626) Senate Sen. Kerry, John F. [D-MA] MA D K000148 0 Export Products Not Jobs Act - Amends the Internal Revenue Code to: (1) revise rules and definitions relating to the taxation of controlled foreign corporations to limit deferral of tax for certain types of income earned overseas; (2) treat certain foreign corporations managed and controlled in the United States as domestic corporations for income tax purposes; (3) define "economic substance" for purposes of evaluating tax shelter transactions; (4) impose a penalty for underpayments of tax resulting from transactions lacking in economic substance; (5) deny a tax deduction for interest on such underpayments; and (6) eliminate the 35% income tax rate on corporations and personal service corporations. 2023-01-12T17:52:25Z  

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