,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #afaj  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #bb1 #bjai,ms4    
,klobu*> 7= h]self1 ,mr4 ,van ,holl51 & 
,ms4 ,duckwor?7 introduc$ ! foll[+ bill2
 :i* 0 read twice & ref]r$ to !         
,committee on ,f9ance  ,a ,,bill  ,to   
am5d ! ,int]nal ,rev5ue ,code ( #aihf to
 modify ! global intangible l[-tax$     
income by repeal+ ! tax-free deem$      
return on inve/m5ts & det]m9+ net ,,cfc 
te/$ income on a p]-c\ntry basis4  #a4  
,%ort title ,?is ,act may be cit$ z !   
,remov+ ,inc5tives = ,outs\rc+ ,act4    
#b4 ,modification ( tax on global       
intangible l[-tax$ income  7a7 ,repeal (
 tax-,free deem$ return on inve/m5ts    
7#a7 ,9 g5]al ,section #iea;,a7a7 ( !   
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by /rik+ global intangible l[-tax$      
income & ins]t+ net ,,cfc te/$ income4  
7#b7 ,con=m+ am5dm5ts  7,a7 ,section    
#iea;,a ( su* ,code is am5d$ by /rik+   
subsections 7b7 & 7d74  7,b7 ,section   
#iea;,a7e77#a7 ( su* ,code is am5d$ by  

/rik+ subsections 7b71 7c77#a77;,a71 & &
 ins]t+ subsections 7c77#a77;,a7 &4     
7,c7 ,section #iea;,a7f7 ( su* ,code is 
am5d$ to read z foll[s3  7f7 ,treatm5t z
 subp>t ,f income = c]ta9 purposes  7#a7
 ,9 g5]al ,except z provid$ 9 p>agraph  
7#b71 any net ,,cfc te/$ income includ$ 
9 gross income "u subsection 7a7 %all be
 treat$ 9 ! same mann] z an am\nt       
includ$ "u section #iea7;a77#a77;,a7 =  
purposes ( apply+ sections              
#afh7;h77#b77;,b71 #ece7;b77#aj71       
#hea7;b71 #ijd7;h77#a71 #iei1 #ifa1     
#ifb1 #iic7;a77#a77;,e71 #iif7;f77#a71  
#abdh7;b77#a71 #abdh7;d77#a71           
#feja7;e77#a77;,c71 #ffed7;d77#b77;,d71 
& #ffee7;e77#d74  7#b7 ,exception ,!    
,secret>y %all provide rules = !        
application ( p>agraph 7#a7 to o!r      
provisions ( ?is title 9 any case 9 :i* 
! det]m9ation ( subp>t ,f income is     
requir$ to be made at ! level ( !       
controll$ =eign corporation4  4  7,d7   
,section #ifj7;d77#b77;,a7 ( su* ,code  
is am5d$ by /rik+ global intangible     

l[-tax$ income 7z def9$ 9 section       
#iea;,a7b77 & ins]t+ net ,,cfc te/$     
income 7z def9$ 9 section #iea;,a7c774  
7b7 ,det]m9ation ( net ,,cfc te/$ income
 on c\ntry-by-,c\ntry basis ,section    
#iea;,a ( ! ,int]nal ,rev5ue ,code (    
#aihf is am5d$ by add+ at ! end !       
foll[+3  7g7 ,det]m9ation made on       
c\ntry-by-,c\ntry basis  7#a7 ,9 g5]al  
,?is section %all be appli$ ) respect to
 a ,unit$ ,/ates %>ehold] ( ! controll$ 
=eign corporation sep>ately ) respect to
 ea* =eign c\ntry 9 :i* ! controll$     
=eign corporation conducts any trade or 
bus9ess4  7#b7 ,special rules  7,a7 ,9  
g5]al ,= purposes ( mak+                
c\ntry-by-c\ntry det]m9ations "u ?is    
section & sections #ijd & #ifj ) respect
 to net ,,cfc te/$ income = a taxable   
ye> pursuant to p>agraph 7#a7-- 7i7     
taxes paid or accru$ to a =eign c\ntry  
by ! controll$ =eign corporation %all be
 assign$ to t c\ntry1 &  7ii7 e>n+s to  
:i* su* taxes relate %all be treat$ z   
income assign$ to ! c\ntry to :i* ^? tax

 paym5ts are made4  7,b7 ,e>n+s assign$ 
to two or m c\ntries ,if ! same e>n+s   
are assign$ to two or m c\ntries "u     
subp>agraph 7,a71 = purposes ( p>agraph 
7#a7 su* e>n+s & ! taxes relat$ !reto   
%all be treat$ z assign$ to ! c\ntry ) !
 highe/ /atutory corporate tax rate4    
7#c7 ,e>n+s n subject to tax ,if e>n+s  
are n subject to tax by any c\ntry1 !n )
 respect to ^? e>n+s p>agraph 7#a7 %all 
n apply4  7#d7 ,regulations ,! ,secret>y
 %all prescribe su* regulations z may be
 necess>y or appropriate to c>ry out ?is
 subsection1 includ+ ! "t p]iod 9 :i*   
=eign e>n+s & ! associat$ =eign taxes   
are assign$ to a c\ntry4  4  7c7        
,effective date ,! am5dm5ts made by ?is 
section %all apply ) respect to taxable 
ye>s ( controll$ =eign corporations     
beg9n+ aft] ,decemb] #ca1 #bjai1 & to   
taxable ye>s ( ,unit$ ,/ates %>ehold]s 9
 :i* or ) :i* su* taxable ye>s ( =eign  
corporations end4  #c4 ,/udy & report on
 re/ructur+ int]national tax laws  7a7  
,/udy ,! ,*ief ( ,/aff ( ! ,jo9t        

,committee on ,taxation %all /udy       
options = ! re=m ( laws relat$ to !     
taxation ( income f int]national s\rces1
 includ+ ! provisions ( sections #ei;,a1
 #bej1 & #iea;,a ( ! ,int]nal ,rev5ue   
,code ( #aihf4 ,su* /udy include an     
evaluation ( ea* option consid]$ )      
respect to-- 7#a7 ! ext5t to :i* !      
option increases or decreases           
opportunities = tax avoidance2 &  7#b7 !
 ext5t to :i* ! option increases or     
decreases inc5tives = dome/ic bus9esses 
to %ift jobs & op]ations to o!r         
c\ntries4  7b7 ,report ,n lat] ?an #ij  
days aft] ! date ( ! enactm5t ( ?is     
,act1 ! ,*ief ( ,/aff on ! ,jo9t        
,committee on ,taxation %all submit to  
,congress a report on ! results ( ! /udy
 conduct$ "u subsection 7a74