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No Tax Breaks for Outsourcing Act
3/6/2025, 9:06 AM
Summary of Bill HR 995
Bill 119 HR 995, also known as the "Current Year Inclusion of Net CFC Tested Income Act," aims to make changes to the Internal Revenue Code of 1986. The main purpose of this bill is to require the current year inclusion of net Controlled Foreign Corporation (CFC) tested income for US shareholders.
Under current law, US shareholders of CFCs are not required to include their share of CFC tested income in their current year income. This bill seeks to change that by mandating that US shareholders include this income in their current year tax returns.
The bill also includes provisions for other purposes, although specific details on these purposes are not provided in the summary. Overall, the goal of Bill 119 HR 995 is to ensure that US shareholders of CFCs are accurately reporting their income and paying the appropriate taxes on that income. This bill could have significant implications for multinational corporations and their shareholders, as it may impact how they report and pay taxes on income earned through foreign subsidiaries.
Under current law, US shareholders of CFCs are not required to include their share of CFC tested income in their current year income. This bill seeks to change that by mandating that US shareholders include this income in their current year tax returns.
The bill also includes provisions for other purposes, although specific details on these purposes are not provided in the summary. Overall, the goal of Bill 119 HR 995 is to ensure that US shareholders of CFCs are accurately reporting their income and paying the appropriate taxes on that income. This bill could have significant implications for multinational corporations and their shareholders, as it may impact how they report and pay taxes on income earned through foreign subsidiaries.
Read the Full Bill
Current Status of Bill HR 995
Bill HR 995 is currently in the status of Bill Introduced since February 5, 2025. Bill HR 995 was introduced during Congress 119 and was introduced to the House on February 5, 2025. Bill HR 995's most recent activity was Referred to the House Committee on Ways and Means. as of February 5, 2025
Bipartisan Support of Bill HR 995
Total Number of Sponsors
6Democrat Sponsors
6Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
363Democrat Cosponsors
363Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 995
Primary Policy Focus
Alternate Title(s) of Bill HR 995
To amend the Internal Revenue Code of 1986 to provide for current year inclusion of net CFC tested income, and for other purposes.
To amend the Internal Revenue Code of 1986 to provide for current year inclusion of net CFC tested income, and for other purposes.
Comments
@undefined
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1 year ago
This bill is so dumb, like seriously, who even came up with this crap? It's just gonna make things more complicated for everyone. I don't see how this is gonna benefit anyone except maybe the big corporations who are already making bank. It's just gonna make my taxes more confusing and probably end up costing me more money in the long run. This is just another example of the government screwing over the little guy. #ridiculous Short comment: This bill is a joke. #notbeneficial
Sponsors and Cosponsors of HR 995
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