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House Bill 5240
116th Congress(2019-2020)
To amend the Internal Revenue Code of 1986 to make the look-thru rule for related controlled foreign corporations permanent.
Introduced
Introduced
Introduced in House on Nov 21, 2019
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Introduced in House 
Nov 21, 2019
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Introduced in House(Nov 21, 2019)
Nov 21, 2019
Not Scanned for Linkage
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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H. R. 5240 (Introduced-in-House)


116th CONGRESS
1st Session
H. R. 5240


To amend the Internal Revenue Code of 1986 to make the look-thru rule for related controlled foreign corporations permanent.

IN THE HOUSE OF REPRESENTATIVES

November 21, 2019

Mr. Kind (for himself, Mr. Holding, Ms. Moore, Mrs. Walorski, Mr. Suozzi, Mr. LaHood, Mr. Higgins of New York, Mr. Ferguson, Mr. Larson of Connecticut, Mr. Estes, Ms. Sewell of Alabama, Mr. Schneider, and Mr. Smith of Missouri) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to make the look-thru rule for related controlled foreign corporations permanent.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Look-thru rule for related controlled foreign corporations made permanent.

(a) In general.—Section 954(c)(6) of the Internal Revenue Code of 1986 is amended by striking subparagraph (C).

(b) Effective date.—The amendment made by this section shall apply to taxable years of foreign corporations beginning after December 31, 2019, and to taxable years of United States shareholders with or within which such taxable years of foreign corporations end.