H.R. 3922 (107th): Save America’s Jobs Act of 2002

Introduced:
Mar 11, 2002 (107th Congress, 2001–2002)
Status:
Died (Referred to Committee)
Sponsor
James Maloney
Representative for Connecticut's 5th congressional district
Party
Democrat
Text
Read Text »
Last Updated
Mar 11, 2002
Length
7 pages
 
Status

This bill was introduced on March 11, 2002, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 11, 2002
Referred to Committee Mar 11, 2002
 
Full Title

To amend the Internal Revenue Code of 1986 to prevent corporations from avoiding the United States income tax by reincorporating in a foreign country.

Summary

No summaries available.

Cosponsors
none
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

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.


3/11/2002--Introduced.
Save America's Jobs Act of 2002 - Amends the Internal Revenue Code by determining that acquiring corporations in "corporate expatriation transactions" shall be considered domestic corporations.
Defines a "corporate expatriation transaction" as, with certain exceptions, one in which a "nominally foreign corporation" acquires substantially all of the properties held by a domestic corporation and in which, immediately after the transaction, more than 80 percent of the stock of the acquiring corporation is held by former shareholders of the domestic corporation.
Lowers the 80 percent threshold to 50 percent when the acquiring "nominally foreign corporation" lacks substantial business activities in the foreign country in which it was created and organized compared to the total activities of the "expanded affiliated group" and the stock is publicly traded, with the principal market of trading being the United States. Defines the terms "nominally foreign corporation" and "expanded affiliated group."Applies similar rules to partnership transactions.Establishes that a series of related transactions relevant to the Act shall be handled as a single transaction.Directs the Secretary of the Treasury to prescribe tax rates that result in a net decrease in revenues for a taxable year equal to any increase in revenue that occurs due to the implementation of this Act.

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

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