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[ProSense]

S.3777
Title: A bill to amend the Internal Revenue Code of 1986 to ensure a fairer and simpler method of taxing controlled foreign corporations of United States shareholders, to treat certain foreign corporations managed and controlled in the United States as domestic corporations, to codify the economic substance doctrine, and to eliminate the top corporate income tax rate, and for other purposes.
Sponsor: Sen Kerry, John F. (introduced 8/2/2006) Cosponsors (None)
Latest Major Action: 8/2/2006 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.SUMMARY AS OF:
8/2/2006--Introduced.

Export Products Not Jobs Act - Amends the Internal Revenue Code to: (1) revise rules and definitions relating to the taxation of controlled foreign corporations to limit deferral of tax for certain types of income earned overseas; (2) treat certain foreign corporations managed and controlled in the United States as domestic corporations for income tax purposes; (3) define "economic substance" for purposes of evaluating tax shelter transactions; (4) impose a penalty for underpayments of tax resulting from transactions lacking in economic substance; (5) deny a tax deduction for interest on such underpayments; and (6) eliminate the 35% income tax rate on corporations and personal service corporations.