H.R. 5857 · 111th Congress
FACT Act
- Stage
- In committee
- Sponsor
- Charles Djou
- Introduced
- 2010-07-26
- Latest action
- 2010-07-26 · Introduced in House
Summary
Fair American Corporate Tax Act or FACT Act - Amends the Internal Revenue Code to: (1) decrease from 35% to 28% the top marginal income tax rate for corporations (including personal service corporations); and (2) provide that the amount of any tax withholding for deductible payments made by a U.S. subsidiary of a foreign parent corporation to a related subsidiary in any country that has a tax treaty with the United States shall not be less than the amount which would be imposed if the payment were made directly to the foreign parent corporation.