,i  #aae? ,,congress  #a/ ,session  ,h4 
,r4 #bjeg  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #f1 #bjag,mr4  
,pocan 7= himself1 ,ms4 ,norton1 ,mr4   
,cony]s1 ,ms4 ,moore1 ,ms4 ,lee1 ,ms4   
,s*ak[sky1 ,mr4 ,cicill9e1 & ,mr4       
,grijalva7 introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ,ways &     
,means1 & 9 addition to ! ,committee on 
,f9ancial ,s]vices1 = a p]iod to be     
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to limit ! int]e/ 
d$uction = excessive int]e/ ( memb]s (  
f9ancial report+ gr\ps & to t]m9ate !   
def]ral ( active income ( controll$     
=eign corporations1 & to am5d !         
,securities ,ex*ange ,act ( #aicd to    
require ! disclosure ( total corporate  
tax paid by a corporation 9 ea* annual  
report requir$ to be fil$ "u su* ,act1 &
 = o!r purposes4  #a4 ,%ort title ,?is  
,act may be cit$ z ! ,tax ,fairness &   

,transp>5cy ,act4  #b4 ,limitation on   
int]e/ d$uction = excessive int]e/ (    
memb]s ( f9ancial report+ gr\ps  7a7 ,9 
g5]al ,section #afc ( ! ,int]nal ,rev5ue
 ,code ( #aihf is am5d$ by r$esignat+   
subsection 7n7 z subsection 7o7 & by    
ins]t+ aft] subsection 7m7 ! foll[+3    
7n7 ,limitation on excessive int]e/ (   
memb]s ( f9ancial report+ gr\ps  7#a7   
,limitation  7,a7 ,9 g5]al ,if ?is      
subsection applies to any corporation = 
any taxable ye>1 no d$uction %all be    
all[$ "u ?is *apt] = ! taxable ye> =    
int]e/ exp5se to ! ext5t t su* exp5se   
exce$s ! sum (--  7i7 ! am\nt ( int]e/  
on indebt$ness ( ! corporation          
includible 9 ! corporation's gross      
income = ! taxable ye>1 plus  7ii7 !    
corporation's proportionate %>e ( !     
f9ancial report+ gr\p's net int]e/      
exp5se = ! taxable ye> comput$ "u ,unit$
 ,/ates income tax pr9ciples4  7,b7     
,proportionate %>e ( net int]e/ exp5se  
,= purposes ( subp>agraph 7,a77ii7-- 7i7
 ,9 g5]al ,a corporation's proportionate

 %>e ( ! f9ancial report+ gr\p's net    
int]e/ exp5se means ! am\nt equal to !  
p]c5tage ( ! gr\p's net int]e/ exp5se   
:i* be>s ! same p]c5tage z !            
corporation's e>n+s be>s to ! gr\p's    
e>n+s4  7ii7 ,e>n+s ,= purposes ( clause
 7i71 e>n+s %all be ! sum ( net e>n+s   
plus net int]e/ exp5se1 taxes1          
depreciation1 & amortization4  7iii7    
,det]m9ations relat+ to e>n+s ,=        
purposes ( clause 7ii71 e>n+s1 net      
int]e/ exp5se1 taxes1 depreciation1 &   
amortization ) respect to a f9ancial    
report+ gr\p %all be z reflect$ on !    
f9ancial report+ gr\p's f9ancial        
/atem5ts = ! taxable ye> end+ 9 !       
taxable ye> ( ! corporation4  7,c7      
,alt]native det]m9ation ,9 lieu ( !     
limitation 9 subp>agraph 7,a71 if-- 7i7 
a corporation fails to sub/antiate !    
corporation's proportionate %>e ( !     
f9ancial report+ gr\p's net int]e/      
exp5se = a taxable ye>1 or  7ii7 a      
corporation s elects1  no d$uction %all 
be all[$ "u ?is *apt] = ! taxable ye> = 

int]e/ exp5se to ! ext5t t su* exp5se   
exce$s #aj p]c5t ( ! corporation's      
adju/$ taxable income 7z def9$ "u       
subsection 7j77#f77;,a774  7#b7         
,corporations to :i* subsection applies 
7,a7 ,9 g5]al ,?is subsection %all apply
 to any corporation = any taxable ye> if
 ! corporation is a memb] ( a f9ancial  
report+ gr\p4  7,b7 ,c]ta9 corporations 
n includ$ ,?is subsection %all n apply  
to any corporation :i*-- 7i7 is a       
corporation pr$om9antly engag$ 9 !      
active conduct ( a bank+1 f9anc+1 or    
simil> bus9ess1 or  7ii7 has less ?an   
#e1jjj1jjj ( net int]e/ exp5se = !      
taxable ye>4  7,c7 ,f9ancial report+    
gr\p ,= purposes ( subp>agraph 7,a71 !  
t]m f9ancial report+ gr\p means a gr\p t
 prep>es consolidat$ f9ancial /atem5ts 9
 accordance ) ,unit$ ,/ates g5]ally     
accept$ acc\nt+ pr9ciples1 int]national 
f9ancial report+ /&>ds1 or o!r me?od    
au?oriz$ by ! ,secret>y ( ! ,treasury "u
 regulations4 ,su* t]m %all n include   
any corporation describ$ 9 subp>agraph  

7,b77i74  7,d7 ,subgr\ps ,= purposes (  
?is subsection1 all memb]s ( an exp&$   
affiliat$ gr\p 7z def9$ 9 section       
#ghgd7;c77#a77 %all be treat$ z #a      
corporation4  7#c7 ,net int]e/ exp5se ,!
 t]m net int]e/ exp5se has ! mean+ giv5 
su* t]m by subsection 7j77#f77;,b74     
7#d7 ,c>ry=w>d  7,a7 ,disall[$ int]e/   
,any am\nt disall[$ "u subp>agraph 7,a7 
or 7,c7 = any taxable ye> %all be treat$
 z an int]e/ exp5se 9 ! next taxable    
ye>1 & su* am\nt %all n be tak5 into    
acc\nt = purposes ( apply+ subsection   
7j77#b77;,a77ii7 = su* taxable ye>4     
7,b7 ,excess limitation ,! excess 7if   
any7 ( ! sum det]m9$ "u p>agraph        
7#a77;,a7 7i7 & 7ii7 = a taxable ye> ov]
 ! am\nt ( int]e/ exp5se d$uct$ "u ?is  
subsection = ! taxable ye> %all be add$ 
to ! limitation det]m9$ "u p>agraph 7#a7
 = ! next taxable ye> 7det]m9$ )\t reg>d
 to ?is subp>agraph74 ,no excess        
limitation may be c>ri$ to m ?an #c     
taxable ye>s4  7#e7 ,election ,!        
election "u p>agraph 7#a77;,c77ii7 %all 

be made at su* "t & 9 su* mann] z !     
,secret>y may prescribe by regulations4 
7#f7 ,regulations ,! ,secret>y %all     
prescribe su* regulations & o!r guidance
 z may be necess>y to c>ry out !        
purposes ( ?is subsection1 includ+      
regulations to--  7,a7 coord9ate !      
application ( ?is subsection ) o!r      
int]e/ d$uctibility rules1  7,b7 def9e  
f9ancial s]vices entities1  7,c7 p]mit  
f9ancial report+ gr\ps to compute !     
gr\p's non-,unit$ ,/ates net int]e/     
exp5se )\t mak+ c]ta9 adju/m5ts requir$ 
"u ,unit$ ,/ates income tax pr9ciples1  
7,d7 provide = ! treatm5t ( pass-?r\gh  
entities1 &  7,e7 all[ ! use ( f9ancial 
/atem5ts prep>$ "u o!r c\ntries' g5]ally
 accept$ acc\nt+ pr9ciples 9 appropriate
 circum/ances :]e a f9ancial report+    
gr\p does n prep>e f9ancial /atem5ts "u 
,unit$ ,/ates g5]ally accept$ acc\nt+   
pr9ciples or int]national f9ancial      
report+ /&>ds4  4  7b7 ,coord9ation )   
#afc7;j7 ,section #afc7;j77#b77;,a7 ( ! 
,int]nal ,rev5ue ,code ( #aihf is am5d$ 

by add+ at ! end ! foll[+ flu% s5t5ce3  
,?is subsection %all n apply to any     
corporation :i* is a memb] ( a f9ancial 
report+ gr\p to :i* subsection 7n7      
applies44  7c7 ,effective date ,!       
am5dm5ts made by ?is section %all apply 
to taxable ye>s beg9n+ aft] ,decemb]    
#ca1 #bjag4  #c4 ,t]m9ation ( def]ral ( 
active income ( controll$ =eign         
corporations  7a7 ,9 g5]al ,section #ieb
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ by add+ at ! end ! foll[+ new     
subsection3  7e7 ,special application ( 
subp>t  7#a7 ,9 g5]al ,= taxable ye>s   
beg9n+ aft] ,decemb] #ca1 #bjag1 not)/&+
 any o!r provision ( ?is subp>t1 ! t]m  
subp>t ,f income means1 9 ! case ( any  
controll$ =eign corporation1 ! income ( 
su* corporation d]iv$ f any =eign       
c\ntry4  7#b7 ,applicable rules ,rules  
simil> to ! rules "u ! la/ s5t5ce (     
subsection 7a7 & subsection 7d7 %all    
apply to ?is subsection4  4  7b7        
,effective date ,! am5dm5t made by      
subsection 7a7 %all apply to taxable    

ye>s beg9n+ aft] ,decemb] #ca1 #bjag4   
#d4 ,requirem5t to disclose total       
corporate taxes paid  7a7 ,9 g5]al      
,section #ac ( ! ,securities ,ex*ange   
,act ( #aicd 7#ae ,u4,s4,c4 #ghm7 is    
am5d$ by add+ at ! end ! foll[+ new     
subsection3  7s7 ,disclosure ( total    
corporate taxes paid  7#a7 ,issu]       
disclosure requirem5t ,ea* issu] requir$
 to file an annual or qu>t]ly report "u 
subsection 7a7 %all disclose 9 t        
report--  7,a7 ! total pre-tax pr(it ( !
 issu] dur+ ! p]iod cov]$ by ! report2  
7,b7 ! total am\nt paid by ! issu] 9    
,/ate taxes dur+ ! p]iod cov]$ by !     
report2  7,c7 ! total am\nt paid by !   
issu] 9 ,f$]al taxes dur+ ! p]iod cov]$ 
by ! report2 &  7,d7 ! total am\nt paid 
by ! issu] 9 =eign taxes dur+ ! p]iod   
cov]$ by ! report4  7#b7 ,disclosure (  
,c\ntry-by-,c\ntry ,report+ in=mation   
,ea* issu] requir$ to file an annual or 
qu>t]ly report "u subsection 7a7 %all   
disclose 9 t report1 = ea* ( its        
subsidi>ies & aggregat$ on a            

c\ntry-by-c\ntry basis--  7,a7 rev5ues  
g5]at$ f transactions ) o!r con/itu5t   
entities2  7,b7 rev5ues n g5]at$ f      
transactions ) o!r con/itu5t entities2  
7,c7 pr(it or loss be=e income tax2     
7,d7 total income tax paid on a ca%     
basis to all tax jurisdictions1 & any   
taxes )held on paym5ts receiv$ by !     
con/itu5t entities2  7,e7 total accru$  
tax exp5se record$ on taxable pr(its or 
losses1 reflect+ only op]ations 9 !     
relevant annual p]iod & exclud+ def]r$  
taxes or provisions = unc]ta9 tax       
liabilities2  7,f7 /at$ capital1 except 
t ! /at$ capital ( a p]man5t e/abli%m5t 
mu/ be report$ 9 ! tax jurisdiction (   
resid5ce ( ! legal entity ( :i* x is a  
p]man5t e/abli%m5t unless !re is a def9$
 capital requirem5t 9 ! p]man5t         
e/abli%m5t tax jurisdiction = regulatory
 purposes2  7,g7 total accumulat$ e>n+s1
 except t accumulat$ e>n+s ( a p]man5t  
e/abli%m5t mu/ be report$ by ! legal    
entity ( :i* x is a p]man5t e/abli%m5t2 
7,h7 total numb] ( employees on a       

full-"t equival5t basis2 &  7,i7 net    
book value ( tangible assets1 :i*1 =    
purposes ( ?is section1 does n include  
ca% or ca% equival5ts1 intangibles1 or  
f9ancial assets4  7#c7 ,availability (  
in=mation ,! ,commission %all make !    
in=mation fil$ ) ! ,commission pursuant 
to ?is subsection publicly available    
?r\gh ! ,commission website 9 a mann] t 
is se>*able1 sortable1 & d[nloadable4  4
  7b7 ,effective date ,! am5dm5t made by
 ?is section %all apply to disclosures  
made aft] ! date ( ! enactm5t ( ?is     
,act4