Vote Smart's Synopsis:

Vote to pass a bill that repeals a reporting requirement for certain payments made by organizations and amends tax laws with regards to foreign income taxation and foreign tax credits.

Highlights:

• Repeals Section 9006 of HR 3590 (the "Patient Protection and Affordable Care Act"), a provision that requires corporations to report the amount of any payments (and the name and address of the recipients) made to another entity, including other corporations, in amounts that total $600 or more in any taxable year (Sec. 101).

• Repeals foreign tax credits until related income is taken into account in accordance with United States tax laws, and denies foreign tax credits with respect to foreign income not subject to United States taxation by reason of covered asset acquisitions (Sec. 201).

• Authorizes separate application of foreign tax credit limitations if an item of income would be treated as derived from sources within the United States without regard to a treaty obligation, such item would be treated as arising from sources outside the United States under a treaty obligation, and the taxpayer chooses the benefits of such treaty obligation (Sec. 203).

• Defines a foreign corporation as a member of an affiliated group for purposes related to the allocation and apportionment of interest if more than 50 percent of the corporation's gross income for the taxable year is connected with the conduct of a trade or business within the United States and at least 80 percent of either the vote or value of all its outstanding stock is owned directly or indirectly by members of the affiliated group (Sec. 206).

Full Bill Text

Full Bill Text