H.R. 507 would amend the Internal Revenue Code of 1986 to allow a temporary dividends received deduction for taxable years beginning in 2008 or 2009.
Detailed Summary
Amends Internal Revenue Code provisions relating to the tax deduction for dividends received by a U.S. corporation from a controlled foreign corporation to: (1) extend the applicability of such provisions to taxable years beginning after FY2008; and (2) reduce such deduction for corporations that do not maintain certain employment levels.
Status of the Legislation
Latest Major Action: 1/14/2009: Referred to House committee. Status: Referred to the House Committee on Ways and Means.
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