PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S836)
Congressional Research Service
Version 00 · Introduced in Senate · Feb 5, 2015
Foreign Earnings Reinvestment Act
Amends the Internal Revenue Code to: (1) extend the election allowed to a domestic corporation to deduct current and accumulated dividends received from a controlled foreign corporation to the corporation's last taxable year beginning before the enactment of this Act or the first taxable year which begins during the one-year period beginning on such enactment date, (2) reduce tax rates on foreign earnings of domestic corporations that reinvest such earnings in the United States and that expand their payrolls over 2014 levels, and (3) increase the taxable income of domestic corporations that fail to maintain employment levels in the 23-month period after receiving a reduction in tax rates under this Act.
People & committees
Sen. McCain, John [R-AZ] · R–AZ
Legislative record
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Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S836)
Introduced in Senate
Primary sources
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Source last updated: Dec 5, 2025. Consult Congress.gov for the current record.
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Analyze S.397 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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