,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #aiaa  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,m>* #f1 #bjbe,mr4    
,conaway 7= himself1 ,mr4 ,suozzi1 &    
,mr4 ,van ,drew7 introduc$ ! foll[+     
bill2 :i* 0 ref]r$ to ! ,committee on   
,ways & ,means  ,a ,,bill  ,to am5d !   
,int]nal ,rev5ue ,code ( #aihf to       
provide t c]ta9 paym5ts to =eign relat$ 
p>ties subject to suffici5t =eign tax   
are n treat$ z base erosion paym5ts4    
#a4 ,c]ta9 paym5ts to =eign relat$      
p>ties subject to suffici5t =eign tax n 
treat$ z base erosion paym5ts  7a7 ,9   
g5]al ,section #ei;,a ( ! ,int]nal      
,rev5ue ,code ( #aihf is am5d$ by       
r$esignat+ subsection 7i7 z subsection  
7j7 & by ins]t+ aft] subsection 7h7 !   
foll[+ new subsection3  7i7 ,c]ta9      
paym5ts to =eign relat$ p>ties subject  
to suffici5t =eign tax n treat$ z base  
erosion paym5ts  7#a7 ,9 g5]al ,an am\nt
 %all n be treat$ z a base erosion      
paym5t if ! taxpay] e/abli%es to !      
satisfaction ( ! ,secret>y t-- 7,a7 !   

=eign p]son to :om su* am\nt is paid or 
incurr$ is subject to an effective rate 
( =eign income tax ( at lea/ #ae p]c5t1 
&  7,b7 su* am\nt is subject to an      
effective rate ( =eign income tax ( at  
lea/ #ae p]c5t4  7#b7 ,det]m9ation (    
effective rate on basis ( applicable    
f9ancial /atem5ts ,except z o!rwise     
provid$ by ! ,secret>y1 ! effective rate
 ( =eign income tax may be e/abli%$ on !
 basis ( applicable f9ancial /atem5ts 7z
 def9$ 9 section #dea7;b77#c77 )        
appropriate adju/m5ts 7z det]m9$ by !   
,secret>y7 = exclud$ divid5ds1 net tax  
exp5se1 exclud$ equity ga9 or loss1     
includ$ revaluation me?od ga9 or loss1  
ga9 or loss f intragr\p transf]s (      
assets & liabilities1 asymmetric =eign  
curr5cy ga9s or losses1 bribes1 illegal 
paym5ts1 l>ge p5alties1 prior p]iod     
errors & *anges 9 acc\nt+ me?ods1 accru$
 p5sion exp5ses1 & su* o!r items z !    
,secret>y may provide4  7#c7 ,=eign     
income tax ,= purposes ( ?is subsection1
 ! t]m 8=eign income taxes0 means any   

income1 w> pr(its1 or excess pr(its     
taxes paid or accru$ to any =eign c\ntry
 or to any possession ( ! ,unit$ ,/ates4
  4  7b7 ,regulations ,section #ei;,a7j7
 ( su* ,code1 z r$esignat$ by subsection
 7a71 is am5d$ by /rik+ & at ! end (    
p>agraph 7#a71 by /rik+ ! p]iod at ! end
 ( p>agraph 7#b7 & ins]t+ 1 &1 & by add+
 at ! end ! foll[+ new p>agraph3  7#c7 =
 ! application ( subsection 7i71        
includ+-- 7,a7 proc$ures = det]m9+ !    
effective rate ( =eign income tax1 &    
7,b7 rules to ! prev5t tax avoidance or 
abuse1 includ+ rules = re*>act]iz+ a    
transaction or s]ies ( transactions     
among relat$ p>ties4  4  7c7 ,effective 
date ,! am5dm5ts made by ?is section    
%all apply to taxable ye>s beg9n+ aft] !
 date ( ! enactm5t ( ?is ,act4