118th Congress · HOUSE BILLBILL

H.R. 4029 — Supply Chain Security Act

“To secure the supply chain by providing an election to determine foreign income taxes paid or incurred to certain Western Hemisphere countries without regard to certain regulations.”

Taxation

Introduced Jun 12, 2023

Last action Jun 12, 2023

Pipeline · Bill → Law

Step 1

Introduced

Jun 12, 2023

Step 2

Referred

Jun 12, 2023

Ways & Means

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill allows a taxpayer to make an election, without regard to specified Treasury regulations, for purposes of determining whether any Western Hemisphere tax is an income, war profits, or excess profits tax. A Western Hemisphere tax is any tax paid to any U.S. possession or any foreign country (other than Cuba or Venezuela) that is located in North, Central, or South America (including the West Indies).

Provisions · 2 sectionsIntroduced in House

Timeline · 2 actions

Jun 12, 2023

Introduced in House

Jun 12, 2023

Referred to the House Committee on Ways and Means.