H.R. 4377 · 114th Congress
American Business Competitiveness Act of 2015
- Stage
- In committee
- Sponsor
- Devin Nunes
- Introduced
- 2016-01-13
- Latest action
- 2016-01-13 · Referred to the House Committee on Ways and Means.
Summary
American Business Competitiveness Act of 2015
This bill amends the Internal Revenue Code to:
reduce the tax rate on the net business income of individual and corporate taxpayers to a maximum 25%; allow full expensing of deductible investment expenses in the current taxable year; redefine "net business income" to allow the deduction of the cost of business purchases; convert to a territorial system for taxing overseas income; apply the same tax rate to interest income of individuals that is applicable to dividends and capital gains income; and allow a five-year carryback of net operating losses and an indefinite carryforward of such losses.