H.R. 4639 · 117th Congress
Tax Credit Restoration Act of 2021
- Stage
- In committee
- Sponsor
- Suzan DelBene
- Introduced
- 2021-07-22
- Latest action
- 2021-07-22 · Introduced in House
Summary
Tax Credit Restoration Act of 2021
This bill requires the calculation of the base erosion minimum tax amount without regard to any offsetting credits. The base erosion and anti-abuse tax is levied on certain large corporations with deductions for amounts paid or accrued to foreign-related parties that are greater than 3% of their total deductions (2% in the case of certain banks or registered securities dealers).