New Legislation: Cuba, Corporate Taxation, Gas Exports
Cuba. H.R. 274 (introduced Jan. 12 by Rep. Bobby Rush, D-Ill.) and H.R. 403 (introduced Jan. 16 by Rep. Charles Rangel, D-N.Y.), would lift the U.S. trade embargo against Cuba.
Corporate Taxation. The Offshoring Prevention Act (S. 162, introduced Jan. 13 by Sen. Sheldon Whitehouse, D-R.I., and H.R. 305, introduced Jan. 13 by Rep. David Cicilline, D-R.I.), would amend the Internal Revenue Code of 1986 to provide for the taxation of income of controlled foreign corporations attributable to imported property. According to Whitehouse, this bill “would eliminate a tax break for companies that send jobs overseas;” i.e., allowing U.S. companies that manufactured goods abroad for sale in the U.S. to defer payment of federal income tax.
Gas Exports. The Liquefied Natural Gas Permitting Certainty and Transparency Act (H.R. 351, introduced Jan. 14 by Rep. Bill Johnson, R-Ohio) would expedited the approval process for LNG export permits. Johnson noted that since 2010 the Department of Energy has issued a final decision on only five of the 37 applications it has received for LNG exports to non-free trade agreement partner countries.