Political Quotes

“I ask unanimous consent that the text of the bill be printed in the Record. There being no objection, the text of the bill was ordered to be printed in the Record, as follows: S. 4067 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``American Assistance for American Companies Act''. SEC. 2. PROHIBITION ON APPLICATION OF CERTAIN ASSISTANCE TO INVERTED DOMESTIC CORPORATIONS. (a) Prohibition on Use of Certain Tax Incentives.-- (1) Net operating loss carrybacks.-- (A) In general.--Section 172(b)(1)(D) of the Internal Revenue Code of 1986 is amended by adding at the end the following new clause: ``(vi) Special rule for inverted domestic corporations.-- Clause (i) shall not apply to any foreign corporation for any taxable year in which such corporation is an inverted domestic corporation (as defined in section 7701(p)(2)), or to any member of the expanded affiliated group (as defined in section 7874(c)(1)) of such a foreign corporation, unless such foreign corporation has made an election under section 7701(p)(1).''. (B) Effective date.--The amendment made by this section shall take effect as if included in section 2303(b) of the CARES Act.…”