U.S. Congress legislation · 119th Congress
HB10431: U.S. Innovation and Global Competitiveness Act of 2026
Status: In committee, September 16, 2026
To amend the Internal Revenue Code of 1986 to modify certain provisions relating to the taxation of international entities.
What the bill says
To amend the Internal Revenue Code of 1986 to modify certain provisions relating to the taxation of international entities.
From the introduced text, September 16, 2026:
A BILL To amend the Internal Revenue Code of 1986 to modify certain provisions relating to the taxation of international entities. SECTION 1. Short title, etc (a) Short title This Act may be cited as the U.S. Innovation and Global Competitiveness Act of 2026 . (b) Amendment of 1986 code Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986. (c) Table of contents The table of contents for this Act is as follows: Sec. 1. Short title, etc. Sec. 2. Modification of deduction for foreign-derived intangible income and net controlled foreign corporation tested income. Sec. 3. Modifications to base erosion minimum tax. Sec. 4. Modification of foreign tax credit limitation baskets. Sec. 5. Carryover of net CFC tested loss. Sec. 6. Redetermination of foreign taxes and related claims. Sec. 7. Repeal of foreign tax credit haircut for net controlled foreign corporation tested income. Sec. 8. Repeal of inclusion percentage applicable to deemed paid credit for taxes properly attributable to tested income. Sec. 9. Application of foreign-source dividend deduction to amounts received by controlled foreign corporations. Sec. 10. Elimination of …
Sponsors
- Ron Estes (R, HD-004) · primary sponsor
Latest actions
- : Referred to the House Committee on Ways and Means.
- : Introduced in House
Subjects: Taxation
Common questions
- What is HB10431?
- HB10431 is a bill in Congress (119th Congress): U.S. Innovation and Global Competitiveness Act of 2026.
- What does HB10431 do?
- In its own words: To amend the Internal Revenue Code of 1986 to modify certain provisions relating to the taxation of international entities.
- What is the status of HB10431?
- In committee as of September 16, 2026. Latest action: Referred to the House Committee on Ways and Means. (September 16, 2026).
- Who sponsored HB10431?
- Ron Estes (R, HD-004).
- Where is the official record for HB10431?
- On the Congress website: https://www.congress.gov/bill/119th-congress/house-bill/10431
Source: official Congress record. Tracked by Delilah, AI for legislation across all 50 states and Congress.