Increases taxes on U.S. corporations that move profits to foreign countries.
This bill would change how the U.S. taxes the foreign profits of American corporations. It aims to make it less appealing for these companies to move their profits or operations overseas to avoid taxes. This means some large U.S. corporations with international business would likely pay more U.S. taxes on their foreign earnings.
Today, U.S. corporations can defer U.S. taxes on some foreign profits and use foreign tax credits more broadly across different countries. After this bill, they would pay U.S. tax on all foreign subsidiary profits annually, calculate foreign tax credits country-by-country, and face stricter rules against moving headquarters or profits overseas to avoid U.S. taxes.
S 409 · 119th Congress · February 5, 2025 · AI Summary by gemini-2.5-flash · 10/10
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6 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.