S. 1605 · Where this bill is now
In committee
Introduced in the Senate, May 6, 2025
119th Congress
1st SessionS. 1605
1st SessionS. 1605
A BILL
International Competition for American Jobs Act
In the SenateNo vote yet
Sponsor: Sen. Thomas Tillis (R-NC) · Introduced May 6, 2025 · Taxation · 1 version of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action May 6, 2025: “Read twice and referred to the Committee on Finance.”
Sections
Sections · 15
- Sec. 1Short title, etcNo change
- Sec. 2Permanent extension of look-thru rule for controlled foreign corporationsNo change
- Sec. 3Modification of deduction for foreign-derived intangible income and global intangible low-taxed incomeNo change
- Sec. 4Modifications to base erosion minimum taxNo change
- Sec. 5Modification of foreign tax credit limitation basketsNo change
- Sec. 6Restoration of limitation on downward attribution of stock ownership in applying constructive ownership rulesNo change
- Sec. 7Carryover of net CFC tested lossNo change
- Sec. 8Redetermination of foreign taxes and related claimsNo change
- Sec. 9Repeal of foreign tax credit haircut for global intangible low-taxed incomeNo change
- Sec. 10Application of foreign-source dividend deduction to amounts received by controlled foreign corporationsNo change
- Sec. 11Elimination of inclusion of foreign base company sales income and foreign base company services incomeNo change
- Sec. 12Corporations exempt from subpart F inclusion for investment in United States propertyNo change
- Sec. 13Other modifications relating to foreign tax creditNo change
- Sec. 14Special rules for transfers of intangible property from controlled foreign corporations to United States shareholdersNo change
- Sec. 15Global intangible low-taxed income determined without regard to certain income derived from services performed in the Virgin IslandsNo change