1. Short title This Act may be cited as the International Regulated Investment Company Act of 2017 . 2. International regulated investment companies (a) In general Subchapter N of chapter 1 of the Internal Revenue Code of 1986 is amended by redesignating part V as part VI and inserting after part IV the following new part: V International regulated investment companies Sec. 998. Definition of international regulated investment company. Sec. 998A. Taxation of IRICs. Sec. 998B. Other rules. 998. Definition of International regulated investment company (a) General rule For purposes of this title, the terms international regulated investment company and IRIC mean, with respect to any taxable year, a domestic corporation which, at all times during the taxable year, meets the following requirements: (1) The corporation is registered under the Investment Company Act of 1940. (2) Except as provided in subsection (c), the corporation holds no assets other than the stock of a single regulated investment company— (A) to which part I of subchapter M applies, and (B) which is not a qualified investment entity (as defined in section 897(h)(4)(A)(ii)). (3) All outstanding stock of the corporation is held by nonresident alien individuals (and their foreign estates) and qualified foreign pension funds (within the meaning of section 897(l)(2)). (4) The corporation has in effect an election to be treated as an IRIC. (b) Election An election to be treated as an IRIC shall apply to the taxable year for which made and all subsequent taxable years until terminated. Such election shall be made for any taxable year not later than the due date (with extensions) for the return of tax imposed by this subtitle for the taxable year. (c) Permitted assets For purposes of subsection (a)(2), an IRIC may hold— (1) an amount of cash and cash equivalents reasonably necessary or appropriate for the corporation to conduct its normal affairs, and (2) such other assets as are incidental to the corporation’s conduct of its normal affairs or otherwise