Section 1 Short title
This Act may be cited as the “Putting America First Corporate Tax Act”.
Putting America First Corporate Tax Act
A BILL
To amend the Internal Revenue Code of 1986 to terminate the deferral of active income of controlled foreign corporations.
Sec. 2 Termination of deferral of active income of controlled foreign corporations
In general— Section 952 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
“(e) Special application of subpart
“(1) In general—For taxable years beginning after December 31, 2015, notwithstanding any other provision of this subpart, the term subpart F income means, in the case of any controlled foreign corporation, the income of such corporation derived from any foreign country.
“(2) Applicable rules—Rules similar to the rules under the last sentence of subsection (a) and subsection (d) shall apply to this subsection.”
Effective date— The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 2015.