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Tax Fairness and Transparency Act
Legislative Progress
Momentum (last 30 days)
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0 actions · 0 new cosponsors · 0 votes
Speed vs cohort
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vs 7,393 other HR bills in the 115th — cohort avg 50d
Tax Fairness and Transparency Act This bill amends the Internal Revenue Code to limit the tax deduction of the interest expense of a U.S. corporation that is a member of a financial reporting group (a group that prepares consolidated financial statements according to accepted accounting principles or international financial reporting standards) to: (1) the amount of interest on indebtedness of the corporation includible in the corporation's gross income for the taxable year plus its proportionate share of the group's net interest expense in the taxable year computed under U.S. income tax principles; or (2) not more than 10% of the corporation's adjusted taxable income, if the corporation fails to substantiate its proportionate share of interest expense or so elects. The bill exempts from the limitation a corporation that is predominantly engaged in the active conduct of a banking, financing, or similar business or that has less than $5 million of net interest expense for the taxable year. The bill also modifies the definition of subpart F income (i.e., income of a controlled foreign corporation earned outside the United States that is not tax-deferred) to include income of a controlled foreign corporation derived from any foreign country. This modification is applicable to taxable years beginning after December 31, 2017. The bill amends the Securities Exchange Act of 1934 to require each issuer of a security who is required to file an annual or quarterly report to disclose specified: (1) details regarding pre-tax profits and taxes paid; and (2) corporate financial information, aggregated on a country-by-country basis, for each of its subsidiaries.
These links require the bill number to appear in the filing's source-reported specific issue text. Client expenses and lobbying-firm income are separate disclosure fields.
Filing registrants (2)
2018 · third_quarter · Taxation/Internal Revenue Code
Tax transparency proposals and legislation, including the Stop Tax Haven Abuse Act (S.851 and H.R.1932 (115th)) and the Tax Fairness and Transparency Act (H.R.2057 (115th)).
Client expense: Not reported · Firm income: Not reported
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.
Congress.gov source codes: H11100, H11100-A
Introduced in House
Congress.gov source codes: 1000, Intro-H
Bills with similar content found using semantic analysis.
Sources: Congress.gov
Government targets: Federal Accounting Standards Advisory Board (FASAB), HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC), State, Dept of (DOS)
2018 · second_quarter · Taxation/Internal Revenue Code
Issues related to offshore tax haven abuse and tax transparency H.R. 5108 / S. 2459, No Tax Breaks for Outsourcing Act H.R. 5145, Close Tax Loopholes That Outsource American Jobs Act S. 851 / H.R. 1932, Stop Tax Haven Abuse Act of 2017 H.R. 2057, Tax Fairness and Transparency Act of 2017 H.R. 3434 / S. 1636, Stop Corporate Inversions Act of 2017 H.R. 1931, Corporate EXIT Fairness Act H.R. 1451 / S. 586, Corporate Tax Dodging Prevention Act S. 1673, Pay What You Owe Before You Go Act H.R. 2054 / S.869 - A bill to repeal the violation of sovereign nations' laws and privacy matters H.R. 1669, Partnership to Build America Act H.R. 1670, Infrastructure 2.0 Act S. 2885, Disclosing Pharmaceutical Company Windfall Profits Act of 2018 H.R. 6015, Per-Country Minimum Act
Client expense: $10,000 · Firm income: Not reported
Government targets: Commerce, Dept of (DOC), Defense, Dept of (DOD), Federal Bureau of Investigation (FBI), Financial Crimes Enforcement Network (FinCEN), Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Justice, Dept of (DOJ), Natl Security Council (NSC), Office of Natl Drug Control Policy (NDCP), SENATE, State, Dept of (DOS), Treasury, Dept of, U.S. Agency for International Development (USAID)
2018 · first_quarter · Taxation/Internal Revenue Code
Issues related to offshore tax haven abuse and tax transparency H.R. 5108 / S. 2459, No Tax Breaks for Outsourcing Act H.R. 5145, Close Tax Loopholes That Outsource American Jobs Act S. 851 / H.R. 1932, Stop Tax Haven Abuse Act of 2017 H.R. 2057, Tax Fairness and Transparency Act of 2017 H.R. 3434 / S. 1636, Stop Corporate Inversions Act of 2017 H.R. 1931, Corporate EXIT Fairness Act H.R. 1451 / S. 586. Corporate Tax Dodging Prevention Act S. 1673, Pay What You Owe Before You Go Act H.R.2054 / S.869 - A bill to repeal the violation of sovereign nations' laws and privacy matters H.R. 1669, Partnership to Build America Act H.R. 1670. Infrastructure 2.0 Act
Client expense: $10,000 · Firm income: Not reported
Government targets: Federal Bureau of Investigation (FBI), Financial Crimes Enforcement Network (FinCEN), Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Justice, Dept of (DOJ), Office of Natl Drug Control Policy (NDCP), SENATE, State, Dept of (DOS), Treasury, Dept of
2018 · second_quarter · Taxation/Internal Revenue Code
Tax transparency proposals and legislation, including the Stop Tax Haven Abuse Act (S.851 and H.R.1932 (115th)) and the Tax Fairness and Transparency Act (H.R.2057 (115th)).
Client expense: Not reported · Firm income: Not reported
Government targets: Federal Accounting Standards Advisory Board (FASAB), HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC), State, Dept of (DOS)
2018 · first_quarter · Taxation/Internal Revenue Code
Tax transparency proposals and legislation, including the Stop Tax Haven Abuse Act (S.851 and H.R.1932 (115th)) and the Tax Fairness and Transparency Act (H.R.2057 (115th)).
Client expense: Not reported · Firm income: Not reported
Government targets: Federal Accounting Standards Advisory Board (FASAB), Financial Crimes Enforcement Network (FinCEN), HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)
2017 · fourth_quarter · Taxation/Internal Revenue Code
Tax transparency proposals and legislation, including the Stop Tax Haven Abuse Act (S.851 and H.R.1932 (115th)) and the Tax Fairness and Transparency Act (H.R.2057 (115th)).
Client expense: Not reported · Firm income: Not reported
Government targets: Federal Accounting Standards Advisory Board (FASAB), Financial Crimes Enforcement Network (FinCEN), HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)
2017 · third_quarter · Taxation/Internal Revenue Code
Tax transparency proposals and legislation, including the Stop Tax Haven Abuse Act (S.851 and H.R.1932 (115th)) and the Tax Fairness and Transparency Act (H.R.2057 (115th)).
Client expense: Not reported · Firm income: Not reported
Government targets: Federal Accounting Standards Advisory Board (FASAB), Financial Crimes Enforcement Network (FinCEN), HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)
2017 · second_quarter · Taxation/Internal Revenue Code
Tax transparency proposals and legislation, including the Stop Tax Haven Abuse Act (S.851 and H.R.1932 (115th)) and the Tax Fairness and Transparency Act (H.R.2057 (115th)).
Client expense: Not reported · Firm income: Not reported
Government targets: Federal Accounting Standards Advisory Board (FASAB), Financial Crimes Enforcement Network (FinCEN), HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)
2017 · first_quarter · Taxation/Internal Revenue Code
Tax transparency proposals and legislation, including the Stop Tax Haven Abuse Act (S.851 and H.R.1932 (115th)) and the Tax Fairness and Transparency Act (H.R.2057 (115th)).
Client expense: Not reported · Firm income: Not reported
Government targets: HOUSE OF REPRESENTATIVES, SENATE, White House Office
| Democratic |
| WI |
| Janice D. Schakowsky | Democratic | IL |
| John Conyers, Jr. | Democratic | MI |
| Keith Ellison | Democratic | MN |
| Raúl M. Grijalva | Democratic | AZ |