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Unfair Tax Prevention Act

H.R. 2423 Rep. Ron Estes (R-KS-4) In committee
Bill text PDF
  1. Introduced Mar 27
  2. Committee Mar 27
  3. Passed House Next
  4. Passed Senate Not yet
  5. To President Not yet
  6. Law Not yet
Where it stands
In committee, Mar 27, 2025Next: House vote
580d ago Mar 27, 2025: Referred to the House Committee on Ways and Means.
Final votes
No roll callsNo recorded vote on this bill yet
Lobbying
4companies, 14 filings
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Member trades
11trades in the last 90 days
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Companies lobbying on this bill

4 companies
Companies by sector
Medical Devices & Healthcare 2Biotech & Pharma 1Consumer & Retail 1
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Summary

This bill amends the Internal Revenue Code to modify the base erosion and anti-abuse tax (BEAT) for certain entities connected to jurisdictions that impose an extraterritorial tax. It targets foreign-owned entities in such jurisdictions with stricter rules.

Sec. 2, Application of the base erosion and anti-abuse tax with respect to certain entities connected to extraterritorial tax jurisdictions: This section adds new rules for 'foreign-owned extraterritorial tax regime entities.' For such entities, they are automatically treated as applicable taxpayers under the BEAT, the effective date for certain BEAT provisions is set to the enactment date of this subsection, certain exceptions to BEAT calculations do not apply, and 50% of their cost of goods sold is treated as a base erosion tax benefit. A 'foreign-owned extraterritorial tax regime entity' is defined as a taxpayer controlled by a foreign entity (not controlled by a U.S. corporation) if an extraterritorial tax is imposed on that controlling foreign entity or related entities. An 'extraterritorial tax' is a foreign tax on a corporation based on income received by any person connected through ownership, excluding individual ownership interests. The amendment applies to taxable years beginning after the enactment date.

Summary of the bill text as introduced in House (Mar 27, 2025), generated by SecBot from the official bill text; the Library of Congress summary is not yet published.

Official record from Congress.gov, the House Clerk and the Senate; lobbying from Lobbying Disclosure Act filings. Updated Oct 27, 2026.