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house Bill H.R. 5857

FACT Act

bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      Committee on Ways and Means
    IntroducedJuly 26th, 2010

Bill Details

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Title

FACT Act

Official Title

To amend the Internal Revenue Code of 1986 to decrease the top marginal corporate rate to 28 percent and to prevent corporations from exploiting tax treaties to evade taxation of United States income.

Summary

Fair American Corporate Tax Act or FACT Act - Amends the Internal Revenue Code to: (1) decrease from 35% to 28% the top marginal income tax rate for corporations (including personal service corporations); and (2) provide that the amount of any tax withholding for deductible payments made by a U.S. subsidiary of a foreign parent corporation to a related subsidiary in any country that has a tax treaty with the United States shall not be less than the amount which would be imposed if the payment were made directly to the foreign parent corporation.

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