American Business Competitiveness Act of 2015
Last action on Jan 13, 2016Referred to the House Committee on Ways and Means.
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Summary
American Business Competitiveness Act of 2015
This bill amends the Internal Revenue Code to:
- reduce the tax rate on the net business income of individual and corporate taxpayers to a maximum 25%;
- allow full expensing of deductible investment expenses in the current taxable year;
- redefine "net business income" to allow the deduction of the cost of business purchases;
- convert to a territorial system for taxing overseas income;
- apply the same tax rate to interest income of individuals that is applicable to dividends and capital gains income; and
- allow a five-year carryback of net operating losses and an indefinite carryforward of such losses.
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