H.R. 5240 — Introduced in House

I 116th CONGRESS 1st Session H. R. 5240 IN THE HOUSE OF REPRESENTATIVES November 21, 2019Mr. Kind (for himself, Mr. Holding, Ms. Moore, Mrs. Walorski, Mr. Suozzi, Mr. LaHood, Mr. Higgins of New York, Mr. Ferguson, Mr. Larson of Connecticut, Mr. Estes, Ms. Sewell of Alabama, Mr. Schneider, and Mr. Smith of Missouri) 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 make the look-thru rule for related controlled foreign corporations permanent. 1. Look-thru rule for related controlled foreign corporations made permanent (a) In general Section 954(c)(6) of the Internal Revenue Code of 1986 is amended by striking subparagraph (C). (b) Effective date The amendment made by this section shall apply to taxable years of foreign corporations beginning after December 31, 2019, and to taxable years of United States shareholders with or within which such taxable years of foreign corporations end.