Global intangible low-taxed income becomes net CFC tested income
What the document says“Section 951A(a) is amended by striking "global intangible low-taxed income" and inserting "net CFC tested income".”
The section strikes the words global intangible low-taxed income in section 951A(a) of the Internal Revenue Code of 1986 and inserts net CFC tested income, and carries the new term through section 250, the redesignated subsections of section 951A, section 960(d)(2), the headings of sections 250 and 951A, and the related table of sections items.
What the document actually says“Section 951A(a) is amended by striking "global intangible low-taxed income" and inserting "net CFC tested income".”
One term is taken out of a tax rule. A new term is put in its place.
The old term ran to five words. The new one is net CFC tested income. The change is carried through the whole tax code.
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