On February 7, Sen. Sanders (I-VT) introduced bill S.250, the Corporate Tax Dodging Prevention Act, with proposed amendments to Code Secs. 901, 904, 952 and 7701. The proposed legislation would end deferral of foreign source income, institute a per country tax credit (904 numerator), eliminate loopholes for big oil, and establish a management and control requirement that would treat certain corporations as domestic. Rep. Schakowsky (D-IL) will introduce companion legislation. As of this morning, the Government Printing Office has not released the official bill text of S.250 via Thomas. A draft of the Corporate Tax Dodging Prevention Act as introduced is available on IntelliConnect.
The title of the proposed legislation and how it has been referred to, popularly and by the Senator, have generated some confusion.
According to the draft as introduced, the title of the proposed legislation is the Corporate Tax Dodging Prevention Act. The bill number issued with respect to this draft as introduced is S.250. The Fact Sheet issued by the Senator is titled: Fact Sheet on the Sanders/Schakowsky Corporate Tax Fairness Act. The text and analysis of the Fact Sheet correspond to the bill S.250. However, it is not absolutely certain whether the Corporate Tax Fairness Act is synonymous with the Corporate Tax Dodging Prevention Act, the title of Rep. Schakowsky’s companion measure, a subsequent joint measure, or is simply a versioning error.
Until the official bill text is released, a plain reading of the Senator’s February 7, 2013, press release (with a hyperlink to the draft legislation included) suggests that S.250 should be referred to as the Corporate Tax Dodging Prevention Act. As of this morning, searches for the Corporate Tax Fairness Act by title, key word and names of both Sen. Sanders and Rep. Schakowsky yielded no results.
The Senator also provided a link to a report on tax dodgers, available here: