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MI HCR0034
Concurrent Resolution
Status
9/9/2014
Primary Sponsor
Henry Yanez
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AI Summary
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Urges the President and Congress to close the federal tax loophole that allows U.S. corporations to declare foreign headquarters to avoid U.S. taxes through "tax inversion" deals while maintaining operations in the United States.
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Calls for immediate enactment of legislation similar to the Stop Corporate Inversions Act of 2014 to increase the required percentage of foreign stockholder ownership before a corporation can be treated as foreign for U.S. tax purposes.
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Requests executive action by the Treasury Secretary under Section 385 of the U.S. Tax Code to treat debt of foreign-based U.S. corporations beyond a certain level as equity, limiting deductible interest payments that reduce taxable income.
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Directs copies of the resolution to be sent to the President, Senate President, House Speaker, and Michigan's congressional delegation.
Legislative Description
A concurrent resolution to urge the President and Congress of the United States to close the federal tax loophole encouraging "tax inversions" by U.S. corporations.
President of the United States
Last Action
Referred To Committee On Tax Policy
9/9/2014