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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      House Committee on Ways and Means
    IntroducedFebruary 14th, 2013

Bill Details

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Title

Corporate Tax Fairness Act

Official Title

To amend the Internal Revenue Code of 1986 to prevent the avoidance by corporations of tax on foreign income.

Summary

Corporate Tax Fairness Act - Amends the Internal Revenue Code, with respect to the taxation of the foreign-source income of domestic corporations, to: (1) eliminate the deferral of tax on the foreign-source income of U.S. corporations for taxable years beginning after December 31, 2013, (2) deny the foreign tax credit to large integrated oil companies that are dual capacity taxpayers, (3) limit the offset of the foreign tax credit to income that is subject to U.S. tax, and (4) treat foreign corporations managed and controlled in the United States as domestic corporations for U.S. tax purposes.