To amend the Internal Revenue Code of 1986 to make the look-thru rule for related controlled foreign corporations permanent.

I 116TH CONGRESS 1ST SESSION H. R. 5240 To amend the Internal Revenue Code of 1986 to make the look-thru rule for related controlled foreign corporations permanent. IN THE HOUSE OF REPRESENTATIVES NOVEMBER 21, 2019 Mr. 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 corpora- tions permanent. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. LOOK-THRU RULE FOR RELATED CONTROLLED 3 FOREIGN CORPORATIONS MADE PERMA- 4 NENT. 5 (a) IN GENERAL.—Section 954(c)(6) of the Internal 6 Revenue Code of 1986 is amended by striking subpara- 7 graph (C). 8 VerDate Sep 11 2014 03:52 Dec 04, 2019 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H5240.IH H5240 kjohnson on DSK79L0C42 with BILLS 2 •HR 5240 IH (b) EFFECTIVE DATE.—The amendment made by 1 this section shall apply to taxable years of foreign corpora- 2 tions beginning after December 31, 2019, and to taxable 3 years of United States shareholders with or within which 4 such taxable years of foreign corporations end. 5 Æ VerDate Sep 11 2014 03:52 Dec 04, 2019 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H5240.IH H5240 kjohnson on DSK79L0C42 with BILLS