From Nasdaq: 2025-02-20 10:42:59

H.R. 591: Defending American Jobs and Investment Act was introduced on 2025-01-21 with 25 cosponsors. The bill addresses extraterritorial and discriminatory taxes imposed by foreign countries on U.S. entities. It requires reporting on countries with such taxes, diplomatic engagement, remedial actions, and procurement restrictions. Relevant companies like AAPL, GOOGL, and MSFT could be affected.
The bill mandates reporting on countries with extraterritorial or discriminatory taxes and diplomatic engagement to address adverse trade effects. If countries do not repeal these taxes, the U.S. can take remedial actions like increasing tax rates and imposing withholding taxes. The President can also restrict federal government procurement from countries with such taxes.
Definitions of extraterritorial and discriminatory taxes are provided in the bill. The Secretary of the Treasury has regulatory authority to implement the bill’s provisions. Companies like AAPL, GOOGL, and MSFT may face additional tax burdens in countries with discriminatory tax regimes, impacting their global operations.



Read more at Nasdaq: New Bill: Representative Jason Smith introduces H.R. 591: Defending American Jobs and Investment Act