H.R. 4589 — Introduced in House

I 113th CONGRESS 2d Session H. R. 4589 IN THE HOUSE OF REPRESENTATIVES May 7, 2014 Mr. Reichert (for himself and Mr. McDermott) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to exclude dividends from controlled foreign corporations from the definition of personal holding company income for purposes of the personal holding company rules. 1. Short title This Act may be cited as the Personal Holding Company Tax Parity and Reinvestment Act. 2. Exclusion of dividends from controlled foreign corporations from the definition of personal holding company income for purposes of the personal holding company rules (a) In general Paragraph (1) of section 543(a) of the Internal Revenue Code of 1986 is amended— (1) by redesignating subparagraphs (C) and (D) as subparagraphs (D) and (E), respectively, and (2) by inserting after subparagraph (B) the following: (C) dividends received by a United States shareholder (as defined in section 951(b)) from a controlled foreign corporation (as defined in section 957(a)), . (b) Effective date The amendments made by this Act shall apply to taxable years ending on or after the date of the enactment of this Act.