GovTrack’s Bill Summary
We don’t have a summary available yet.
Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
American Business Competitiveness Act of 2010 - Amends the Internal Revenue Code to: (1) reduce to 23% the maximum income tax rate for corporations; (2) set forth rules for the allocation of foreign-related tax credits and deductions; (3) repeal rules for the application of the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit; (4) repeal the last-in, first-out (LIFO) and the lower of cost or market methods of inventory; (5) make permanent the increased ($250,000) expensing allowance for depreciable business assets; (6) increase from 15 to 20 years the amortization period for goodwill and other intangibles; (7) set forth rules for the application of the economic substance doctrine to tax transactions; (8) reduce the percentage of the deduction for dividends received; (9) require the recognition of ordinary income on the sale or exercise of a stock option in an S corporation with an employee stock ownership plan (ESOP); and (10) allow nonrecognition of gain in a corporate reorganization for corporations that exchange property solely for stock other than nonqualified preferred stock.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.