II 116th CONGRESS 2d Session S. 3280 IN THE SENATE OF THE UNITED STATES February 12, 2020 Mr. Wyden (for himself and Mr. Brown ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to clarify that high-taxed amounts are excluded from tested income for purposes of determining global intangible low-taxed income only if such amounts would be foreign base company income or insurance income.

1. Short title This Act may be cited as the Blocking New Corporate Tax Giveaways Act . 2. Clarification of amounts excluded from tested income (a) In general Section 951A(c)(2)(A)(i)(III) of the Internal Revenue Code of 1986 is amended to read as follows: (III) any gross income of such corporation— (aa) which, without regard to section 954(b)(4), is treated as foreign base company income (as defined in section 954) or insurance income (as defined in section 953), but (bb) which, after the application of section 954(b)(4), is not so treated, . (b) Effective date The amendment made by this section shall apply to taxable years of foreign corporations beginning on or after the date of the enactment of this Act, and to taxable years of United States shareholders in which or with which such taxable years of foreign corporations end.